An Oxfam report reveals that the wealth of the global 1% surged by $33.9 trillion since 2015, with just 3,000 billionaires accounting for significant portions. The report, shared before key development talks, indicates failures in achieving Sustainable Development Goals as inequality worsens and poverty and climate crises persist. Oxfam stresses the detrimental impact of wealth concentration on global development and blames a shift towards private finance over a focus on equitable solutions like public investments and fair taxation.
"There is glaring evidence that global development is desperately failing because - as the last decade shows - the interests of a very wealthy few are put over those of everyone else."
"Rich countries have put Wall Street in the driver's seat of global development. It's a global private finance takeover which has overrun the evidence-backed ways to tackle poverty through public investments and fair taxation."
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