The world's five richest men doubled their wealth since 2020

The world's five richest men more than doubled their fortunes since 2020, charity Oxfam said on Monday, urging nations to resist the influence of the ultra-rich on tax policy. 

A report by the organisation, released this week at the World Economic Forum in Davos, specified that their wealth rose from 405 billion dollars in 2020 to 869 billion dollars last year. 

However, since 2020, nearly five billion people worldwide have become poorer, Oxfam said.

Billionaires are 3.3 billion dollars richer today than they were in 2020, despite the many crises that have devastated the global economy since the start of this decade, including the covid-19 pandemic. 

Oxfam's annual report on global inequality is traditionally published just before the forum opens on Monday at the Swiss Alpine resort. 

The charity raised concerns about rising global inequality, with the richest individuals and companies accumulating more wealth - thanks to rising share prices - and also more power. 

"Corporate power is used to drive inequality. It squeezes workers and enriches rich shareholders, dodging taxes and privatising the state," Oxfam said. 

It also accused corporations of driving "inequality by waging a sustained and highly effective war on taxes", with far-reaching consequences.

Oxfam said states have handed over power to monopolies, allowing corporations to influence the wages people are paid, the prices of food and the medicines people can access. 

"Around the world, members of the private sector are pushing relentlessly for lower taxes, less transparency and other measures to allow companies to contribute as little as possible to public coffers," Oxfam added. 

Oxfam said that intense lobbying on tax policy making has allowed corporations to pay lower corporate taxes, depriving governments of money that could be used to support the poorest in society. 

Corporate taxes fell significantly in OECD countries, from 48% in 1980 to 23.1% in 2022, Oxfam noted. 

To address the imbalance, Oxfam called for a wealth tax on the world's millionaires and billionaires that it says could bring in 1.8 trillion dollars each year. 

The charity also called for limiting the pay of CEOs of large corporations and breaking up private monopolies.