Inequality Inc. 2024 Report, by Oxfam Australia

Inequality Inc. Report

January, 2024

Report by Oxfam Australia.
See the summary page here.
See the full Report here.

Oxfam Australia’s 2024 report Inequality Inc. highlights the staggering and growing global wealth gap.

Australia’s three richest people:
Gina Rinehart — mining magnate of Hancock Prospecting,
Andrew Forrest — monopoliser of Fortescue Metals Group and Tattarang, and
Harry Triguboff — real estate tycoon of Meriton,
have more than doubled their wealth since 2020, accumulating wealth at a rate of $1.5 million per hour, while globally 5 billion people have become poorer from the effects of the pandemic, wars, and climate change.

The world’s five richest men have more than doubled their wealth from $610 billion to $1.3 trillion since 2020, earning $21 million per hour.
791 million workers have seen wages fall behind inflation, leading to a loss of $2.3 trillion.
Corporate monopolies are a major driver of inequality, concentrating wealth amongst the few while keeping wages low and dodging taxes.
Corporate tax rates have fallen globally; the biggest 148 corporations earn $18.24 billion annually, while real wages in Australia have dropped to levels not seen in 14 years.
The world is set to see its first trillionaire within a decade, while eradicating poverty will take 229 years longer if current trends continue.

Oxfam Australia urges governments to tax billionaires and big corporations fairly and investing in public services like education, healthcare, and affordable housing to reduce inequality.

See the full report here: