A report released Monday by the entity added that this occurs while some of the world’s political and financial elites are preparing for their annual meeting in Davos (January 20-24).
In its most recent analysis of global inequality, which coincides with the opening of the World Economic Forum, Oxfam also predicted that at least five more billionaires (one trillion equals one million million) will emerge in the next decade.
A year ago, the group predicted that only one billionaire would emerge during that time.
The research adds weight to a warning last week by outgoing U.S. President Joe Biden about a dangerous concentration of power in the hands of a very few ultra-wealthy individuals.
The group’s incisive report, titled Takers, Not Makers, also points out that the number of people in poverty has barely changed since 1990.
The World Economic Forum expects to host 3,000 attendees, including business executives, academics, government officials and civic group leaders at its annual meeting in the Alpine village of Davos.
U.S. President-elect Donald Trump, who visited Davos twice during his first term and is scheduled to take office later today, is expected to participate in the forum via videoconference on Thursday.
The president has long championed the accumulation of wealth, including his own, and has billionaire Elon Musk as one of his top advisors.
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