Inequality crisis

On its first day of its initial public offering (IPO) on June 12th, Elon Musk's SpaceX stock closed nearly 20% higher. With over $75 billion raised, this largest IPO in history has made Elon Musk the first person in the world to possess a trillion-dollar fortune.

Elon Musk, the first person in the world to surpass $1 trillion in net worth. Photo: KYODO

According to Oxfam, Elon Musk's wealth is now greater than the combined wealth of the world's poorest 46% (approximately 3.8 billion people). This figure increased by over $550 billion in the past year alone. Democratic Senator Elizabeth Warren argues that while the world is witnessing its first "trillionaire," many Americans are still struggling to save for old age.

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Statistics from Oxfam, along with the opinions of Congressman Warren, highlight the reality of the wealth gap and inequality in the world today. In January of this year, ahead of the World Economic Forum held in Davos, Switzerland, Oxfam also released a report showing that the total wealth of global billionaires had surged to a record high of $18.3 trillion; the number of billionaires is expected to surpass 3,000 by 2025.

However, according to Oxfam, the wealth of billionaires continues to grow while poverty reduction slows, leaving global poverty levels virtually unchanged compared to 2019. Worryingly, the use of wealth by billionaires to increase their influence over politicians , the economy, and the media further deepens inequality and derails international efforts to address poverty.

In light of this situation, Oxfam is calling on governments to take action to address the “global inequality crisis,” including limiting the power of large corporations and monopolies, increasing taxes on the super-rich, expanding public investment, and protecting workers. According to Oxfam, a 10% tax on billionaire Elon Musk’s trillion-dollar fortune could fund global poverty eradication efforts for one year, lifting more than 800 million people out of extreme poverty.

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MINH CHAU

Source: https://www.sggp.org.vn/khung-hoang-bat-binh-dang-post857406.html