In the past decade, the billionaires in the world have doubled. They are richer than 60% of the global population, as per the charity Oxfam.
According to it the poor women and girls were at the bottom of the scale, accounting for “12.5 billion hours of unpaid care work each and every day.” This is estimated to be worth at least $10.8 trillion annually.
Women and girls are specifically burdened as they are usually the caregivers that keep “the wheels of our economies, businesses, and societies moving.”
They “often have little time to get an education, earn a decent living or have a say in how our societies are run,” and “are therefore trapped at the bottom of the economy.”
“Across the globe, 42% of women cannot get jobs because they are responsible for all the caregiving, compared to just six percent of men.”
Oxfam’s India head Amitabh Behar said, “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.”
Ahead of the annual World Economic Forum in Davos Behar said, “The gap between rich and poor can’t be resolved without deliberate inequality-busting policies.”
The annual Oxfam report on global inequality is released just before the forum opens in the Swiss Alpine resort.
It said, “The 22 richest men in the world have more wealth than all the women in Africa.”
Oxfam said that if the richest 1% of the world paid 0.5% extra tax on their wealth for 10 years it would equal the investment required to create 117 million new jobs in elderly and child care, education, and health.
The figures of Oxfam are based on data from Forbes magazine and Swiss bank Credit Suisse, however, some economists have disputed it.