In France, “1% of the richest hold 36% of financial assets”: Oxfam's shock report before the Davos forum

Ouverture du forum économique mondial 2024 KEYSTONE – SALVATORE DI NOLFI

This Monday, January 15, the World Economic Forum opens in Davos, Switzerland, a summit during which heads of state and the leaders of the most influential companies in the world meet. The NGO Oxfam is taking this opportunity to reveal its  report pointing out the doubling of the wealth of the five largest fortunes in the world since 2020. 

On the occasion of the opening of the World Economic Forum this Monday, January 15, in Davos, Switzerland, the NGO Oxfam publishes its annual report devoted to distribution wealth on the planet. While the cumulative income of five billion people has declined, the wealth of the five largest fortunes in the world has doubled since 2020. 

"Multinationals and multiple inequalities"

In this report, the preface of which is written by Bernie Sanders, Oxfam points out the organization of this forum, which sees nearly 800 business leaders and 60 business leaders. #39;State come together around conferences and informal meetings.

The NGO aims precisely at this mix between public and private interests: "Companies and their rich owners also maintain inequalities by waging a sustained and very effective tax war" , she says, quoted by Le Parisien.

Between 2020 and 2023, the fortune of the five richest men increased from $405 billion to $869 billion. It is with this shocking sentence that Oxfam denounces the accentuation of financial inequalities. The NGO calls on states to combat the influence of the ultra-rich on tax policy, reports France 24. 

It is also mentioned that this phenomenon affects France, where "1% of the richest hold 36% of financial assets", indicates Ouest France. Growing inequalities in France since the four richest billionaires in the country saw their fortune increase by 87%. At the same time, the wealth accumulated by the French has declined. 

An oligopolistic concentration

The authors of the report also observe the creation of powerful oligopolies and their multiplication in different sectors of activity. Oxfam mentions the 60 pharmaceutical companies that have merged to form 10 global giants, which we call "Big Pharma". 

Or even the global seed market which is 40% controlled by two international companies. Finally, the digital sector is no exception, with 90% of online searches carried out via Google. 

What solutions ? 

"Across the world, members of the private sector have consistently called for lower rates, more loopholes, less transparency and ;#39;other measures aimed at allowing businesses to contribute as little as possible to state coffers, indicates Oxfam. 

Result, at the beginning of the 1980s, corporate tax was more than halved within OECD member countries , to fall to 23.1%, reports France 24.  

The NGO thus calls for the "dismantling" progressive private monopolies and the establishment of a ceiling on CEO remuneration. A wealth tax on multimillionaires and billionaires is one measure being considered, which could recover up to $1,800 billion per year.