Oxfam ahead of Davos: Inequality is soaring - it's never been more expensive to be poor

Unless world leaders take responsibility when they meet in Davos, a total of 860 million people are expected to live in extreme poverty by the end of the year. At the same time, billionaires in sectors such as food and energy are making billions of dollars from the pandemic and the war in Ukraine. This is according to a new report by Oxfam.

Extreme poverty in the world has increased more in the last two years than in 20 years. At the same time, the world's dollar billionaires have increased their wealth as much in the last two years as they did in the previous 23 years.

The Oxfam report Profiting from Pain, presented at the World Economic Forum in Davos, shows how billionaires in sectors such as food and energy have made billions in recent years, while a further 263 million people could fall into extreme poverty by 2022, equivalent to the combined population of the UK, France, Germany and Spain.

The daily life of those living in extreme poverty can mean having to choose between medicine, food or shelter. An inhuman choice that for many means hunger and, at worst, starvation and death.

"It has never been more expensive to be poor. Growing inequality has no benefits, it is a matter of life and death. Systemic change is needed to redistribute resources and influence, and taxes are a key tool. The leading politicians and business leaders meeting in Davos have the power and the means to change, it remains to be seen if they have the courage."

Suzanne Standfast, Secretary General Oxfam Sweden

The consequences of the pandemic, together with rising food and energy prices as a result of the war in Ukraine, are making the situation increasingly difficult. The successes of the last decade in reducing poverty risk being wiped out. Unless world leaders take responsibility when they meet in Davos, a total of 860 million people are expected to live in extreme poverty by the end of the year.

About the report "Profiting from Pain"

• On the occasion of the World Economic Forum in Davos, Oxfam presents the report Profiting from Pain, which describes how billionaires in the food, pharmaceutical, energy and tech industries have made huge profits during 
• In 2022, a further 263 million people could fall into extreme poverty and by the end of the year a total of 860 million people are expected to live on less than €20 a day.
• Meanwhile, the wealth of the world's billionaires has increased more in the first 24 months of the pandemic than in the previous 23 years.
• The ten richest people have more wealth than the poorest 40% of humanity, 3.1 billion people.
• Global food prices have increased by 33.6% over the past year and are expected to increase by 23% in 2022.
• Oil industry profit margins have doubled during the pandemic and energy prices are projected to increase by 50% in 2022.