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Ahead of the World Economic Forum in Davos, Oxfam has released a devastating report that unveils the extreme economic inequality of our world today. The report shows, among other things:
- The 22 richest men in the world have more wealth than all the women in Africa.
- Women and girls put in 12.5 billion hours of unpaid care work each and every day —a contribution to the global economy of at least $10.8 trillion a year, more than three times the size of the global tech industry.
- Getting the richest one percent to pay just 0.5 percent extra tax on their wealth over the next 10 years would equal the investment needed to create 117 million jobs in sectors such as elderly and childcare, education and health.
Oxfam India CEO Amitabh Behar commented on the report by saying:
“Women and girls are among those who benefit least from today’s economic system. They spend billions of hours cooking, cleaning and caring for children and the elderly. Unpaid care work is the ‘hidden engine’ that keeps the wheels of our economies, businesses and societies moving. It is driven by women who often have little time to get an education, earn a decent living or have a say in how our societies are run, and who are therefore trapped at the bottom of the economy.
“Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women. No wonder people are starting to question whether billionaires should even exist”.