The World Economic Forum (WEF) in Davos has kicked off amidst criticism of the growing wealth gap and a new “aristocratic oligarchy” led by billionaire elites. Global charity Oxfam warned that US President Donald Trump’s presidency will only exacerbate this issue, with the combined wealth of billionaires growing to $15 trillion.
Oxfam’s report highlights five trillionaires who emerged last year, including Tesla owner Elon Musk, Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg. The charity warns that these individuals have immense power in politics and economics, threatening democracy.
“We present this report as a stark wake-up call that ordinary people the world over are being crushed by the enormous wealth of a tiny few,” said Oxfam’s executive director Amitabh Behar. Rising inequalities have fueled debates about imposing a global tax on the super-rich, with some 3,000 participants expected to attend the WEF.
The report also notes that Trump’s election has given a significant boost to billionaire fortunes, and his policies are set to fan the flames of inequality further. Critics argue that this concentration of wealth poses a threat to democracy and will lead to civil unrest if left unchecked.
Source: https://www.yahoo.com/news/oligarchy-under-fire-elites-descend-010319460.html