"World's 2,153 Billionaires Own More Wealth Than 4.6 Billion People"

[Asia Economy Reporter Jeong Hyunjin] It has been revealed that approximately 2,153 billionaires worldwide own more wealth than the 4.6 billion people, accounting for 60% of the global population. Additionally, impoverished women around the world perform 12.5 billion hours of unpaid care work daily, with the value of this labor estimated at $10.8 trillion.

On the 20th (local time), the international relief and development organization Oxfam released a report titled "Time to Care: Unpaid and Low-Paid Care Work and the Global Inequality Crisis," containing these findings. The report pointed out that "the wealth and power of the world's top billionaires, mostly men, are increasing," and that this process is occurring regardless of whether they return the value of wealth and power to society.

According to the report, wealth polarization is intensifying. The top 1% of global asset holders own twice as much wealth as the 6.9 billion people combined. The number of billionaires increased by 47% over about a decade, from 1,125 in 2008 to 2,153 in 2019. It is estimated that one-third of billionaires acquired their current wealth through inheritance. Oxfam explained in the report, "Even if you saved $10,000 every day since the construction of the pyramids in Egypt, it would only amount to one-fifth of the average wealth held by the five richest billionaires today."

The report also highlighted gender inequality in wealth. Globally, men own more than 50% more wealth than women. The combined wealth of the 22 richest men in the world exceeds the total assets held by African women. In particular, impoverished women aged 15 and older perform 12.5 billion hours of unpaid care work daily. When converted into cash, this labor is estimated to be worth $10.8 trillion, which is three times the size of the global tech industry.

Oxfam stated that imposing an additional 0.5% tax on the wealth of the richest 1% over the next ten years could secure the investment funds needed to create 117 million new care jobs in areas such as education, health, and elderly care.

Meanwhile, Oxfam releases its wealth inequality report annually to coincide with the World Economic Forum (WEF, Davos Forum) held in Switzerland. The Davos Forum will take place from the 21st to the 24th.