Former Labor Minister Robert Reich highlighted revisits the wealth gap issue, citing a news article based on an Oxfam data report.

“The richest 1% has taken home almost twice as much wealth as the rest of the world combined over the past two years. If that doesn’t convince you that wealth inequality is out of control, I don’t know what will,” Reich tweeted.

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The Oxfam report states that the richest 1% have grabbed nearly two-thirds of all $42 trillion in new wealth created since 2020, almost double the money of the bottom 99% of the world’s population. Over the past decade, the richest 1% grabbed about half of all new wealth, according to the report released last week.

Managing Director of Oxfam International Gabriella books said that while ordinary people make daily sacrifices for basic necessities like food, the super-rich have surpassed even their wildest dreams.

“Just two years later, this decade is shaping up to be the best yet for billionaires – a massive 1920s boom for the world’s richest,” Bucher said, according to a press release.

The wealth of billionaires is growing at $2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation exceeds wages, the report said.

Business: Reich has expressed concern about the widening wealth gap and warned that the problem could lead to the collapse of the economy. Last week he pointed out that America’s wealth disparity is now at its most extreme in over 100 years, noting that this has been the case for most people over the past 40 years Wages stagnate while worker productivity increases.

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