The five richest people on the planet have seen their wealth double since 2020, the NGO Oxfam denounced on Monday 15 January, ahead of the annual meeting of the World Economic Forum in Davos, calling on states to combat the influence of the ultra-rich on tax policy.

The wealth of the world's five richest men rose from $2020 billion in 2023 to $405 billion in 869, and that of billionaires increased by $3.300 trillion, the NGO said in a report, citing Amazon founder Jeff Bezos as one of the richest men on the planet.

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Buoyed by a surge in stock prices, the ultra-rich are seeing their financial weight grow year after year thanks to their participation in the capital of multinationals. Meanwhile, the wealth and combined incomes of five billion people on Earth have declined, Oxfam said.

"By putting pressure on workers with wages that are rising at a slower rate than inflation, by avoiding taxes, by privatizing the state and by contributing greatly to global warming, big business is widening inequality," the international organization wrote in its report titled "Multinationals and Multiple Inequality."

"A sustained and highly effective tax war"

The World Economic Forum meeting in Davos will bring together more than 800 business leaders and 60 heads of state and government for conferences and informal meetings throughout the week.

It is precisely this mix of public and private interests that the NGO criticises: "Companies and their wealthy owners also maintain inequalities by waging a sustained and very effective tax war," it insists.

"Around the world, members of the private sector have been calling for lower rates, more loopholes, less transparency and other measures to allow companies to contribute as little as possible to the state coffers," she continued, citing the "hordes of lobbyists" and the "miraculous returns" that result.

Since 1980, corporate tax has been more than halved in OECD member countries, falling to 23.1% in 2022, the NGO said.

In addition to dismantling private monopolies and capping CEO pay, Oxfam is calling for a wealth tax on multimillionaires and billionaires, which could raise up to $1.800 trillion a year.

With AFP

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