As Davos crowd gathers, govts. urged to rein in ‘billionaire class’

Subject: Economy

Section: External Sector

Context:

As per Oxfam, the combined fortunes of the world’s five richest men have more than doubled to $869 billion since 2020 while five billion people have been made poorer.

More about News:

Oxfam called for governments to rein in corporate power by breaking up monopolies; instituting taxes on excess profit and wealth; and promoting alternatives to shareholder control such as forms of employee ownership.

What is Oxfam International?

Oxfam International is a confederation of 21 independent charitable organizations working together with partners and local communities in more than 90 countries.
Its mission is to end the injustices that cause poverty.
Oxfam works to find practical, innovative ways for people to lift themselves out of poverty and thrive.
They save lives and help rebuild livelihoods when crisis strikes.
They campaign so that the voices of the poor influence the local and global decisions that affect them.

What is World Economic Forum?

The World Economic Forum (WEF) is a Swiss nonprofit foundation established in 1971, based in Geneva, Switzerland.
Recognized by the Swiss authorities as the international institution for public-private cooperation known for its Davos summit.

Mission:

Committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.

Founder and Executive Chairman: Klaus Schwab.