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From Billionaires to Trillions: World Poised for First T-Dollar Man?

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Oxfam International’s annual assessment of global inequalities suggests that the world could see its first trillionaire within a decade, while highlighting the stark wealth disparities.

The report reveals that the fortunes of the five richest individuals have doubled since 2020, while nearly 5 billion people have become poorer.

Oxfam emphasizes the urgent need for measures to address inequality, such as permanent taxation of the wealthiest, effective taxation of large corporations, and a renewed effort against tax avoidance.

“We have the top five billionaires, they have doubled their wealth. On the other hand, almost 5 billion people have become poorer,” Amitabh Behar said.

“Very soon, Oxfam predicts that we will have a trillionaire within a decade,” Behar added. “Whereas to fight poverty, we need more than 200 years.”

The organization also points out the disproportionate impact of events like Russia’s invasion of Ukraine and the challenges faced by developing nations during the pandemic.

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