extreme inequality

New estimates show that just eight men own the same wealth as the poorest half of the world. As growth benefits the richest, the rest of society – especially the poorest – suffers. Our economy must stop excessively rewarding those at the top and start working for all people.

In reaction to the UN's 2024 edition of the SOFI report, Eric Munoz, Oxfam’s food policy expert, said: “Global hunger remains stuck at shamefully high levels, driven by many reasons that together become convenient excuses for our governments to avoid decisive action. 

Reacting to the GRFC 2024 report, Oxfam Global Food and Economic Security Lead, Emily Farr, said: “The global hunger crisis is fundamentally a moral crisis. It is unforgivable that over 281 million people are suffering acute hunger while the world’s richest continue to make extraordinary profits, including the same aerospace and defence corporations helping to fuel conflict, the main driver of hunger.  

In reaction to the GRFC 2023, Oxfam Global Food and Economic Security Lead, Emily Farr, said:  “For global hunger to rise for a fourth consecutive year in a world of plenty is a stain on our collective humanity. Decades of progress made to end poverty and hunger are being fast-reversed by conflict, economic shocks, and climate change.  

Oxfam, together with civil society organizations, welcomes the World Bank’s International Finance Corporation (IFC) announcement that it will not resume its investments in K-12 private schools, following the release of an independent evaluation by the World Bank Independent Evaluation Group (IEG) on the IFC’s investments in this area.

The COVID-19 pandemic has worsened the extreme inequality in Southern African Development Community countries, and pushed millions into poverty. Recovering from the pandemic, however, offers SADC governments a once-in-a-generation opportunity to do reduce inequality drastically and eliminate extreme poverty by 2030. 

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 Covid-19 pandemic, compounded by locust infestations and climate crises, has brought East Africa’s worst economic crisis in decades. Yet, instead of taxing the wealthy, governments are planning to slash their public spending, which will worsen the crisis and deepen poverty and inequality in the region. But it is not too late to change direction.

Widening inequalities are tearing our world apart. This is not by chance, but choice: “economic violence” is perpetrated when structural policy choices are made for the richest and most powerful people. But we can radically redesign our economies to be centered on equality, in which nobody lives in poverty, nor with unimaginable billionaire wealth—in which inequality no longer kills.

The world’s ten richest men more than doubled their fortunes from $700 billion to $1.5 trillion —at a rate of $15,000 per second or $1.3 billion a day— during the first two years of a pandemic that has seen the incomes of 99 percent of humanity fall and over 160 million more people forced into poverty.