Oxfam International interim Executive Director Amitabh Behar said that nobody should have a billion dollars.

“We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires’ fortunes boom. This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,” Behar said in a statement released with the report.

“Runaway corporate and monopoly power is an inequality-generating machine: through squeezing workers, dodging tax, privatising the state, and spurring climate breakdown, corporations are funneling endless wealth to their ultra-rich owners. But they’re also funnelling power, undermining our democracies and our rights.”

Oxfam said governments should cap CEOs’ pay, break up private monopolies and introduce a wealth tax to bring in $1.8 trillion dollars each year.

“We have the evidence. We know the history. Public power can rein in runaway corporate power and inequality – shaping the market to be fairer and free from billionaire control,” Behar said.

“Governments must intervene to break up monopolies, empower workers, tax these massive corporate profits and, crucially, invest in a new era of public goods and services.”

Amitabh holds an M. Phil in Political Science from Jawahar Lal Nehru University. He was also a research fellow at the University Grants Commission.