Oxfam has published a new analysis in which it reveals a unprecedented increase from the private wealth. Between 1995 and 2023 the global private wealth grew by 342,000 billion dollars, eight times more than the public. The result is that 1 % of the richest in the world, in the last 10 years, has increased their wealth of 33.9 trillion of dollars Since 2015, sufficient figure to end extreme poverty all over the world.
According to the relationship From private profit to public power: financing development, not oligarchythese resources are 22 times higher than those necessary for Eliminate global poverty.
The failure of sustainable development and the wealth of a few
The report tells the bankruptcy of the composition with creditors for Sustainable development objectives. Since then almost half of the world population, over 3.7 billion people, lives in poverty, subjected to gender injustices, hunger and other negations of fundamental human rights.
Since 2015, a small group of people, equivalent to the richest 1 %, has accumulated at least 33.9 trillion of dollars.
The billionaires, about 3,000 individuals and have earned 6.5 trillion dollars in real terms, more than the 4 trillions estimated as an annual cost to reach SDGs. It was thus calculated that the wealth of the richest 1 % would be enough not only to eliminate poverty, but could do it about 22 times.
Oxfam’s study examines the failure of the approach focused on private investors to finance development. In the meantime, the richest governments have made huge Aid cuts Foreign: just think of the reduction of aid wanted by the new USA of Donald Trump.
On the one hand this has been seen as a waste of resources in view of a possible conflict of large -reaching. On the other, the ethical motivation of those who had signed the initial arrangement has failed. Over time, in fact, the desire to commit themselves as protagonists in supporting others seems to have been lost. Today, on the contrary, the logic of the more powerful and the strongest.
More and more debt countries
If to the disinterest of the richest countries, such as those of the G7, the debt crisis of many other states is added, the picture is demeaning. The G7 countries, which provide three quarters of all official aid, will reduce the resources of 28% by 2026.
At the same time, about 60% of low -income countries are in debt difficulty and default risk. The medium -income countries also cross the worst economic crisis of the last 30 years. Consequently, compared to the objectives set for 2030, it is estimated that only 16% of SDG will actually be reached, unless radically different geopolitical scenarios.
Meeting in Spain
The document of theOxfam It was published a few days by the International Conference on Financing Development, which will be held on June 30 in Seville, with the participation of over 190 countries, including the richest.
As he said Amitabh Beharexecutive director of Oxfam International:
Seville is the first great global meeting at a time when the aids are decimated, a commercial war broke out and multilateralism is fragmenting, all against the background of the second US administration. It is evident that global development is desperately failing because, as the last decade demonstrates, the interests of few very rich are before those of all the others.
Behar continues explaining that part of the problem was to put Wall Street in command of global development, allowing private finance to face poverty instead of relying on public investments and fair taxation.
It is not to be surprised if governments are completely off -road, both in promoting dignified jobs, and in gender equality or in the fight against hunger. This concentration of wealth is suffocating efforts to end poverty.
A paradigm change
The paradigm change should lead to a pacification that allows the development of the entire humanity and not only of small lucky and rich towns.
In reality, today the billionaires are no longer only billionaires, but Trimiliardari (the richest of the super-riches) and this fact is now the norm. The problem is How they accumulated these wealth At the expense of the planet and people, including pollution, geopolitical crises and exploitation of human and animal beings.
The question to ask before the Siviglia meeting is whether a turning point is really possible for reduce inequalities And transform the development financing system through new coalitions and strategies, a taxation for super rich and a reform of the debt architecture that goes beyond GDP.
There are already sufficient resources not only to eliminate poverty, but also to deal with the drop in natural resources, the climatic crisis and gender inequalities. The problem is that these resources are blocked in accounts private of a few.
Governments should, as analyzes Oxfamlistening to the growing majority of favorable citizens (9 out of 10) to the financing of public services and action for the climate through the taxation of super rich.
It will be the task of a conscious and determined population to influence its governments (which should represent the collective will) to overturn the subjection of the nations towards one plutocratic dictatorship.
