The global economy created a record number of billionaires last year. This has increased the inequality amidst a weakening of workers’ rights and a corporate push to maximize shareholder returns, as per a report by a charity organisation, Oxfam International published in January 2018.
The world now has 2,043 billionaires, and a new one emerged every two days in the past year, the report read. The group mostly comprising men saw its wealth surge by $762 billion, which is enough money to end extreme poverty seven times over, according to Oxfam.
“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system,”
said Winnie Byanyima, executive director of Oxfam International.
“The people who make our clothes, assemble our phones and grow our food are being exploited,”
she added.
The report has also pointed out how many of the world’s elite say they’re concerned about income inequality, but most of the governments are “shamefully failing” to improve the matter.
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Oxfam has urged governments to limit shareholder and executive returns while ensuring workers receive a living wage. It also recommended eliminating the gender pay gap and raising taxes on the wealthy, among other suggestions.
Byanyima pointed out that people are ready for a change and that they want a limit on the power and the wealth which sits in the hands of so few.
Amazon Inc. CEO Jeff Bezos heads the list of the richest people in the world. He currently holds the position on Forbes’ Billionaire’s list. The business valuation consultancy Brand Finance has renewed their Global 500 brands list for the year 2018.
The e-commerce giant has managed to reach the top position as the world’s most valuable brand and take the crown away from Google. In fact, Google dropped to the third place below Apple. Brand Finance notes that Amazon recorded almost 42% year-on-year increase in its brand value, crunching the numbers to a whopping $150.8 billion.
2017 was the year when Amazon jumped into brick and mortar retail business with the $13.7 billion acquisition of Whole Foods. It was followed by the world’s first cashier-less retail store Amazon Go where people can pick their favourite items and walk out of the store. Amazon’s advanced systems take care of the payment part.
The second most valuable brand Apple is not far behind Amazon with its brand value of $146.3 billion after seeing 37% increase since last year.
The other significant ones in the list include the names of Hui Ka Yan (chairman of Evergrande Group), Bernard Arnault (CEO, LVMH) and Pony Ma (Chairman of Tencent).
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