ALBAWABA - Experts estimate that during the next ten years, the world may see the emergence of its first trillionaire, which might be a historic milestone. This prediction is made in the middle of an increase in profits for US corporations, depicting an unparalleled accumulation of wealth, even as worries about rising social inequality gain traction.
Oxfam, a premier international organization devoted to ending poverty, has released statistics in recent times that show a startling rise in earnings among the top 200 US corporations. Together, these companies made an astounding $1.25 trillion in earnings in 2022—a staggering 63% increase over 2018. Nonetheless, a sizeable chunk of these profits—$1.1 trillion—went straight to shareholders in the form of dividends and stock buybacks.
Concerns over the distribution of wealth remain even as the stock market soars, with the S&P 500 index up 10% since the year's start. Income disparity has been made worse by the fact that very few businesses have declared intentions to increase wages, despite a significant increase in CEO remuneration.
This sharp division spans not just the economic sphere but also the gender and social spheres, with industries like retail showing the greatest manifestation of it. President Biden's proposed 25% tax on the richest persons is one attempt to address these disparities, but it is still difficult to close the gap between the super-rich and the ordinary citizen.
