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The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 —at a rate of $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. If current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years.

Climate change is fast pushing communities, particularly the poorest and most marginalized, beyond their capacity to respond.

Countries can start tackling inequality today by triggering an “economic stimulus” directly into the pockets of those who need it most – by investing more in public services like health and education.

Vietnam has a strong record of poverty reduction, but today, increasing inequality is threatening decades of progress. To tackle the dangerous gap between rich and poor, Vietnam should urgently implement progressive policies on governance, taxation, public spending, public services, labour rights, and civic engagement.

Pressure is piling on the G20 to lead a global push to increase taxes on the richest citizens back to past levels that most people believe were fairer and more useful for society. 

From campaigning to end the financial secrecy that shelters trillions hidden in tax havens, to encouraging investment in universal education and healthcare – Oxfam is working to make sure that the poor get a share of the power and resources that will help to reduce poverty and inequality.

On the newly published UN Synthesis Report on the post-2015 framework, which sets the global development agenda for the next 15 years: Oxfam is disappointed that the UN has not made far stronger proposals to address extreme economic inequality and climate change in its new report.

New Oxfam report "Reaching Tipping Point" says retreating glaciers and more extreme weather could dangerously erode food security, livelihoods and even regional stability by 2050 in Tajikistan.

The G20 should take urgent action to protect poor countries from economic crisis that is forcing 100 people-a-minute into poverty, Oxfam said today. Developing countries across the globe are struggling to respond to the global recession.

Today leaders from Brazil, Russia, India, China, and South Africa –better known as the BRICS- finalized their 6th summit in Fortaleza, Brazil, consolidating the creation of a new development bank that will provide fresh sources of financing for emerging economies.