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Key Points
- Oxfam has accused the world’s richest man, Elon Musk, of contributing to an oligarchy presidency in the US.
- Musk donated significant amounts of money to Donald Trump’s presidential campaign.
- The world’s richest men’s wealth increased $150 million an hour last year.
The wealth of the world’s 10 richest men grew US$100 million ($160 million) an hour on average last year, according to Oxfam’s Takers Not Makers report, published on Monday.
It was the second-largest jump in billionaire wealth since records began.
Source: SBS News
Meanwhile, the number of people living on less than US$6.85 ($11) a day has barely changed since 1990, according to the World Bank, which sets this number as the global indicator of poverty.
“The crown jewel of this oligarchy is a billionaire president, backed and bought by the world’s richest man Elon Musk, running the world’s largest economy. We present this report as a stark wake up-call that ordinary people the world over are being crushed by the enormous wealth of a tiny few,” Behar said.
The report also highlighted that Africans have on average a life expectancy shorter than Europeans by 15 years.
