Since 2020, 5 Richest Have Doubled Wealth, 5 Billion Have Become Poorer

The world’s five richest men doubled their fortunes from 2020 to now, while nearly five billion people globally became poorer in the same period, a report by non-governmental organisation Oxfam International said on Monday.

The organisation also noted that India, in particular, faces “rising industrial concentration”, especially in the hands of the country’s top five firms.

The report, titled, “Inequality Inc”, was published ahead of the annual World Economic Forum meeting in Switzerland’s Davos – in which political leaders, corporate executives and economists will participate.