The combined fortunes of the world's five richest men, including Elon Musk, Jeff Bezos and Warren Buffett, have 'DOUBLED since 2020 to $869 billion'

The combined fortunes of the world's five richest men have more than doubled since 2020 to $869 billion, while five billion people have become poorer, according to an Oxfam report.

The anti-poverty charity estimates that 148 top companies made $1.8 trillion in profits, 52 percent more than the three-year average, allowing for hefty payouts to shareholders even as millions of workers faced a cost-of-living crisis , as inflation led to wage cuts in recent years. real terms.

The inflation-adjusted increase in the wealth of the top five billionaires was driven by strong gains in the assets of Tesla CEO Elon Musk, LVMH CEO Bernard Arnault, Amazon's Jeff Bezos, Oracle co-founder Larry Ellison and investor Warren Buffett .

It stated that, on current trends, the world could expect its first ever trillionaire within ten years, but would not see the end of poverty for more than two centuries.

Meanwhile, almost 800 million workers saw their wages fail to keep up with inflation over the past two years, resulting on average in the equivalent of 25 days of lost annual income per worker, according to Oxfam's analysis.

Of the world's 1,600 largest companies, only 0.4% have publicly committed to paying workers a living wage and supporting a living wage in their value chains, the research found.

Oxfam on Monday called on governments to rein in corporate power by breaking up monopolies, introducing taxes on excess profits and wealth, and promoting alternatives to shareholder control such as forms of employee ownership.

“This disparity is no coincidence; The billionaire class allows companies to bring them more wealth at the expense of everyone else,” said Amitabh Behar, interim director of Oxfam International.

The Oxfam report, which comes as business elites gather this week for the annual meeting of the World Economic Forum (WEF) in Davos, reveals that a billionaire now controls seven of the world's ten largest companies, or main shareholder. .

The Davos events were launched to defend “stakeholder capitalism,” which, according to the WEF, defines a business as not only maximizing profits but also fulfilling “human and social aspirations as part of the broader social system.”

Oxfam said its report, based on data sources ranging from the International Labor Organization and the World Bank to Forbes' annual rich list, shows that such ambitions are far from being fulfilled.

“What we know for sure is that today's extreme system of shareholder capitalism, which puts ever higher returns for wealthy shareholders above all other objectives, is driving inequality,” said Max Lawson, head of Inequality Policy.

“This disparity is no coincidence; The billionaire class ensures that companies bring them more wealth at the expense of everyone else,” said Oxfam International interim director Amitabh Behar.

Last month, a report from the Center for Social Justice claimed Britain is at risk of becoming a 'two nation' state not seen since the Victorian era after COVID-19 lockdowns had a 'catastrophic effect' on the social structure of the country.

About 13.4 million people in Britain live lives marred by family fragility, stagnant wages, poor housing, chronic ill health and crime, the center said.

The report, Two Nations: The State Of Poverty In The UK, finds that the most disadvantaged groups are no better off than they were 15 years ago, the time of the financial crisis, and cites evidence that for many the leap from social security to the labor market is not worth it. It.

The CSJ research shows that the pandemic, especially for the least advantaged, has widened the gap between the so-called 'haves' and 'have nots'.

The report says that during lockdown, calls to a domestic violence helpline increased by 700 percent.

Oxfam said that on current trends the world could expect its first ever trillionaire within a decade, but the end of poverty would not come for more than two centuries (File image)

Oxfam on Monday called on governments to rein in corporate power by abolishing monopolies, introducing taxes on excess profits and wealth and promoting alternatives to shareholder control (File image)

Mental health problems among young people went from one in nine to one in six and almost a quarter among the oldest children.

More and more children did not go to school, with serious absenteeism increasing by 134 percent.

Another 1.2 million working-age people received benefits, 86 percent more people sought help for addiction, and prisoners were locked up for 22.5 hours a day.

“There is a growing gap between those who can make ends meet and those who are stuck at the bottom,” the reports concluded based on the findings.

Six in ten citizens say their area has a good quality of life, but this drops to less than two in five among the most deprived.

The Covid-19 lockdowns had a “catastrophic effect” on the country's social fabric, according to a study by the Center for Social Justice (CSJ). Pictured: Central Glasgow during a national lockdown in 2021

Twenty years ago it was found that only one in nine children had a clinically recognizable mental health problem – that figure is now one in five (stock image)

The CSJ survey shows that, especially for the least fortunate, the pandemic has blown wide open the divide between the so-called 'haves' and 'have nots' (file image)

Twenty years ago it was found that only one in nine children had a clinically recognizable mental health problem. That figure now stands at one in five, rising to almost one in four for the 17 to 19 age group.

If trends continue, the report states that by 2030 more than one in four five- to 15-year-olds, which could be as many as 2.3 million children, could have a mental health disorder.

There are likely to be 108 percent more boys with mental health disorders in 2030 than there would have been had the lockdown not occurred, the CSJ adds.

After higher benefits, those most in need cite better mental and physical health as crucial to a better life.

The report shows that 40 percent of the most disadvantaged populations report having a mental illness, compared to just 13 percent of the general population.