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Rising inequality could set the fight against poverty back by decades, Oxfam warned today as it published a new report showing that the number of billionaires worldwide has more than doubled since the financial crisis. 

Oxfam’s new report, ‘The Inequality Virus’, reveals that the wealth of the ten richest men has increased by half a trillion dollars since the pandemic began - more than enough to pay for a vaccine for all and prevent anyone on Earth from falling into poverty because of the virus.  We have received lots of great questions about the report − here’s our answer to the 10 most frequently asked questions.

“The growing split among G7 leaders is bad news for millions of women and men around the world struggling for a better life," said Oxfam International executive director, Winnie Byanyima.

Rising inequality poses a dire threat to continued prosperity in Asia, where an estimated 500 million people remain trapped in extreme poverty, most of them women and girls.

Today, the President of the European Commission, Ursula von der Leyen, proposed the introduction of a cap on revenues of companies producing electricity with low costs and a solidarity contribution from fossil fuel companies. The revenues from these unexpected profits will be directed to people and businesses to help them adapt to the recent increase in energy prices as well as to invest in clean home-grown energy sources.

Africa is facing a crisis of extreme inequality which is undermining growth, preventing poverty eradication and contributing to insecurity. This briefing paper shows that COVID-19 has deepened this crisis, and that the responses of African governments and international financial institutions are making little difference as debt burdens grow and austerity kicks in.

The human and economic cost of COVID-19 has been staggering, in terms of lives lost, human suffering, and economic damage. As we mark two years since the official pandemic was declared, we still have a chance to gain the upper hand on the virus, but only if everyone, everywhere has access to vaccines and treatments.

Oxfam is releasing an online parody today of Alec Baldwin’s sales talk in the cult classic movie Glengarry Glen Ross, to highlight the issue of land grabs and their effect on poor people's lives.

International agency Oxfam and the Government of Ethiopia signed an agreement in partnership with Oxfam’s Liaison Office on the African Union in Addis Ababa. The agreement marks a new chapter in our relations with the AU.

Every country in the world is experiencing an economic shock as a result of the Coronavirus crisis, and all governments must act now to protect their people from destitution. Unless dramatic action is taken to shore up the economies of developing countries, the crisis could push as many as half a billion people into poverty.