[TLDR (too long didn’t read): If you are reading this, chances are you care about HR. This Reader is about the galloping inequalities behind HR violations. It lets facts speak for themselves. No comments added. For a quick overview, just read the bolded text]. Traducir/traduire los/les Readers; usar/utiliser deepl.com
[Every now and then, I thought we have to reflect on ‘the totality’ of the indeed depressing seemingly unrelated realities; nobody does it better than OXFAM].
1.0. Since 2020, and the beginning of this decade of division, the five richest
men have seen their fortunes more than double, while almost five billion
people have seen their wealth fall.
1.1. 791 million workers have seen their wages fail to keep up with inflation
and have lost US$1.5 trillion over the last two years, equivalent to nearly a
month (25 days) of lost wages for each worker.
1.2. Billionaires are US$3.3 trillion or 34% richer than they were at the
beginning of this decade of crisis, with their wealth growing three times as
fast as the rate of inflation.
1.3. Despite representing only 21% of the world population, countries in the
Global North own 69% of global wealth and are home to 74% of the world’s
billionaire wealth.
1.4. Globally, men own US$105 trillion more wealth than women –equivalent to
four times the size of the US economy.
1.5. If the current trend continues, we will see the first trillionaire in 10 years,
but we will not eliminate poverty for 230 years.
1.6. If each of the five wealthiest men were to spend a million dollars daily,
it would take them 476 years to exhaust their combined wealth.
1.7. It would take 1,200 years for a female worker in the health and social
sector to earn what a CEO in the biggest Fortune 100 companies earns on
average in one year.
1.8. The richest 1% own 43% of all global financial assets.
1.9. A wealth tax on the world’s millionaires and billionaires could generate
US$1.8 trillion dollars each year.
2.0. According to new data covering the first six months of 2023, 2023 is set to
shatter all records as the most profitable year yet for big corporations. 148 of
the world’s biggest corporations (where data is available) made nearly US$1.8
trillion in profits in the 12 months leading up to June 2023, which is 52.5%
higher than their average for 2018–21. Their windfall profits –defined as
profits exceeding the 2018–21 average by more than 20% — are nearly
US$700bn. Taxing these windfall profits at 90% would generate nearly
US$628bn in revenue.
2.1. The biggest winners in terms of windfall profits have been 14 oil and gas
companies whose profits in 2023 were 278% above the 2018–21 average,
representing US$190bn in windfall profits in 2023 and US$144bn in 2022.
2.2. For every US$100 of profit generated by 96 major companies between July
2022 and June 2023, US$82 was returned to shareholders in the form of stock
buybacks and dividends.
2.3. New Oxfam analysis of the World Benchmarking Alliance’s data on over
1,600 of the largest and most influential companies worldwide shows that
0.4% of companies are publicly committed to paying their workers a living
wage and support payment of a living wage in their value chains partners.
2.4. Oxfam’s analysis of the World Benchmarking Alliance’s data of over 1,600
of the world’s largest companies finds that only 0.7% fully meet a global bar
for collective bargaining –by disclosing collective bargaining coverage in their
workforce and their approach to supporting collective bargaining through their
business relationships (e.g., their suppliers).
2.5. New data on over 1,600 of the largest and most influential companies
reveals that only 24% have a public commitment to gender equality. Just 2.6%
of companies disclose information on the ratio of pay of women to men.
2.6. Just 4% of the over 1,600 largest and most influential companies sampled
worldwide fully meet the World Benchmarking Alliance’s social indicator on
responsible tax, by having a public global tax strategy and publicly disclosing
corporate income taxes paid in all countries of residency.
2.7. Shell made US$29.2bn in profits between July 2022 and June 2023, an
increase of 222% compared to its average profits from 2018–21. Of those
profits, 87.7% were handed back to shareholders in the form of stock
buybacks and dividends.
2.8. Between July 2022 and June 2023, Brazil’s Petrobras made US$30.3bn in
profits –almost four times more than its average annual profits from 2019–2021.
It paid out 118% of those profits to shareholders in the form of dividends —
more than three times what Petrobras invested in capital expenditure.
2.9. If the amount companies spent on dividends and shareholder buybacks
for the richest 10% in 2022 was redistributed to the bottom 40% of the income
distribution, global income inequality as measured by the Palma ratio could
decrease by 21.5% –equivalent to the actual drop in the Palma ratio observed
over 41 years.
2.10. Just half of the amount from payouts to the top 10% in 2022 could
reduce global poverty (defined as US$6.85 a day, 2017 PPP), and a mere 1.6%
of the payouts could eliminate extreme poverty as defined by the World Bank
(US$2.15 a day, 2017 PPP).
2.11. The world’s five largest corporations combined are valued at more than
all the GDP of economies in Africa, Latin America and the Caribbean combined.
3.0. Of the 10 largest listed companies in the world, seven have a billionaire as
either a principal shareholder or CEO. The total value (market capitalization) of
these companies is $10.2 trillion.
3.1. Of the 50 largest listed companies in the world, 17 (34%) have a billionaire
as either a principal shareholder or CEO. The total value (market capitalization)
of these companies is $13.3 trillion.
Bottom line: Phew!
Claudio Schuftan, Ho Chi Minh City
Your comments are welcome at schuftan@gmail.com
All Readers are available at www.claudioschuftan.com