Davos, Fortunes of five richest men have more than doubled since 2020 and the world could have its first-ever trillionaire in just a decade while it would take more than two centuries to end poverty, rights group <keyword id="20191899" type="General" weightage="20" keywordseo="oxfam" source="keywords">Oxfam</keyword> said on Monday. Releasing its annual inequality report on the first day of the World Economic Forum (<keyword id="19955159" type="General" weightage="20" keywordseo="wef" source="keywords">WEF</keyword>) Annual Meeting here, Oxfam said seven of 10 of the world's biggest corporations have a billionaire as a CEO, or principal shareholder. It further said that 148 top corporations made USD 1.8 trillion in profits, 52 per cent up on three-year average, and dished out huge payouts to rich shareholders, while hundreds of millions faced cuts in real-term pay. Oxfam called for a new era of public action, including public services, corporate regulation, breaking up monopolies and enacting permanent wealth and excess profit taxes. The world's five richest men have more than doubled their fortunes from USD 405 billion to USD 869 billion since 2020 "at a rate of USD 14 million per hour", while nearly five billion people have already been made poorer in this "decade of division", said the Oxfam report on inequality and global corporate power. "If current trends continue, the world will have its first trillionaire within a decade but poverty won't be eradicated for another 229 years," it said. Titled 'Inequality Inc.', the report said seven of ten of the world's biggest corporations have a billionaire as CEO, or principal shareholder, and these corporations are worth USD 10.2 trillion, equivalent to more than the combined GDPs of all countries in <keyword id="19924003" type="General" weightage="20" keywordseo="africa" source="keywords">Africa</keyword> and Latin America. "We are 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," <keyword id="20191904" type="General" weightage="20" keywordseo="oxfam-international" source="keywords">Oxfam International</keyword> interim Executive Director <keyword id="20205579" type="General" weightage="20" keywordseo="amitabh-behar" source="keywords">Amitabh Behar</keyword> said. Despite representing just 21 per cent of the global population, rich countries in the Global North own 69 per cent of global wealth and are home to 74 per cent of the world's billionaire wealth, Oxfam said.

Wealth of 5 richest men doubled since 2020; five billion people made poorer: Oxfam

People not belonging to the Scheduled Castes (SCs) and <keyword id="10144064" type="General" weightage="50" keywordseo="schedules-tribes" source="Orion">Schedules Tribes</keyword> (STs) earn Rs 5,000 per month more than those from the two communities, while non-Muslims earn Rs 7,000 per month more than Muslims on an average, according to a new report by <keyword id="6412407" type="General" weightage="100" keywordseo="oxfam" source="Orion">Oxfam</keyword> India. According to the 'India Discrimination Report 2022', which highlights bias in accessing jobs, livelihoods and agricultural credits among others, 15.6 per cent of the urban Muslim population aged 15 and above was engaged in regular salaried jobs whereas 23.3 per cent of non-Muslims were in regular salaried jobs, in 2019-20. "The lower employment for urban Muslims attributes 68 per cent to discrimination. In 2019-20, 70 per cent of the difference between Muslim and non-Muslim engaged as salaried workers was due to discrimination," it said. The report said self-employed SC/STs earn Rs 5,000 less than non-SC/STs and discrimination accounts for 41 per cent of this gap. The rural SC and ST communities are facing a rapid increase in discrimination in casual employment, the report showed. The data said unequal income among rural SC and ST casual wage workers was majorly -- 79 per cent -- because of discrimination in 2019-20, a sharp increase of 10 per cent from the previous year. In rural areas, Muslims saw the sharpest increase in unemployment -- 17 per cent -- in the first quarter of COVID-19. For salaried workers during Covid, Muslims emerge as the most affected group for which the percentage figures went up from 11.8 to 40.9 in rural areas, the corresponding increase for SC/ST (5.6 to 28.3) and general category (5.4 to 28.1) being less than that, it said. Muslims, in rural areas, recorded the maximum decline in earnings of 13 per cent, while it was close to 9 per cent for others, the report said. In rural areas, in the self-employed category, Muslims had the highest fall in earnings by about 18 per cent against that of below 10 per cent for the SC/STs and others, it said. In 2017, people belonging to bottom 20 per cent income group, who were from SC and ST communities got 1.7 times lesser hospital care compared to OBCs and others in the same income group. Historically, oppressed communities such as Dalits and <keyword id="6371256" type="General" weightage="50" keywordseo="adivasis" source="Orion">Adivasis</keyword> along with religious minorities such as Muslims also continue to face discrimination in accessing jobs, livelihoods, and agricultural credits, the report said. The mean income for SCs and STs in urban areas, who are regular employees, is Rs 15,312 as against Rs 20,346 for those belonging to the general category. This means the general category is earning 33 per cent more than SCs or STs according to the report. The average earning of self-employed workers is Rs 15,878 for non-SCs or STs and Rs 10,533 for SCs or STs. The rural SC and ST communities are facing an increase in discrimination in casual employment," the report said. Self-employed non-SC/ST workers earn a third more than their SCs or STs counterparts. Caste also acts as a major barrier while accessing credit for agriculture despite many agricultural labourers being from SC or ST communities. STs and SCs receive less than a quarter of the credit shares that the forward castes receive, the report said. Muslims continue to face multidimensional challenges in accessing salaried jobs and income through self-employment as compared to non-Muslims. The lower employment for urban Muslims was largedly -- 68.3 per cent -- due to discrimination, in 2019-20. The report showed that discrimination faced by Muslims in 2004-05 was 59.3 percent, indicating an increase in discrimination by nine per cent over 16 years. Regular-salaried non-Muslims in urban areas earn Rs 20,346 on an average, which is 1.5 times higher than Muslims who earn Rs 13,672, the report said. This means non-Muslims are earning 49 per cent more than Muslims in regular employment," the report noted. "Self-employed non-Muslims earn Rs 15,878 on an average, while self-employed Muslims earn Rs 11,421 despite the community's overrepresentation in urban self-employment. This means non-Muslims are earning a third more than Muslims in self-employment, it said. <keyword id="1594237" type="General" weightage="50" keywordseo="amitabh-behar" source="Orion">Amitabh Behar</keyword>, CEO of Oxfam India, said the fallout of discrimination in society is multi-faceted, not just social and moral but also economic, leading to adverse consequences. These findings are based on the government data on employment and labour from 2004-05 to 2019-20. The Oxfam India report refers to unit-level data from 61st National Sample Survey data on employment-unemployment (2004-05), <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> in 2018-19 and 2019-20, and All India Debt and Investment Survey. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/number-of-tigers-in-rajasthan-crosses-100-gehlot/articleshow/94219262.cms">Number of tigers in Rajasthan crosses 100: Gehlot</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/self-employed-males-earn-2-5-times-more-than-females-oxfam/articleshow/94218585.cms">Self-employed males earn 2.5 times more than females: Oxfam</a>

There is a caste and religion bias in salaries says an Oxfam report

Gender discrimination is the reason for 98 per cent of employment gap between males and females in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, according to a new report of <keyword id="69945" type="General" weightage="50" keywordseo="oxfam-india" source="Orion">Oxfam India</keyword>. The report highlighted that woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices. The Oxfam India's 'India Discrimination Report 2022' shows that discrimination causes 100 per cent of employment inequality faced by women in rural areas in labour market and 98 per cent in urban areas. The report said self-employed males earn 2.5 times more than females, 83 per cent of which is attributed to gender-based discrimination and 95 per cent of the gap between the earnings of male and female casual wage workers is due to discrimination. According to the report, gender discrimination is the reason for 98 per cent of the employment gap between males and females. Woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices, it said. The report further said that 93 per cent of the gap in earnings of males and females is due to discrimination. Rural self-employed males earn twice of what females earn in rural areas. Male casual workers earn Rs 3,000 per month more than females, 96 per cent of which is attributed to discrimination, it said. As high as 91.1 per cent of the gap in earnings between males and females is explained by discrimination. The academically recognised statistical model applied in the report is now able to quantify the discrimination women face in the labour market. The lower wages for salaried women are due to 67 per cent of discrimination and 33 per cent due to lack of education and work experience, the report said. Oxfam India called on the government to actively enforce effective measures for the protection and right to equal wages and work for all women. The Government of India should also incentivise the participation of women in workforce, including enhancement in pay, upskilling, job reservations and easy return-to-work options after maternity, the report said. What the report finds is if a man and woman starts on an equal footing, the woman will be discriminated in the economic sphere where she will lag behind in regular/salaried, casual and self-employment, said <keyword id="1594237" type="General" weightage="50" keywordseo="amitabh-behar" source="Orion">Amitabh Behar</keyword>, CEO of Oxfam India. "The inequality in the labour market for gender and other social categories, the report finds, is not just due to poor access to education or work experience but because of discrimination," he said. These findings are based on the government data on employment and labour from 2004-05 to 2019-20. The Oxfam India report refers to unit level data from 61st round <keyword id="179132" type="General" weightage="50" keywordseo="national-sample-survey" source="Orion">National Sample Survey</keyword> (NSS) data on employment-unemployment (2004-05), the <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> in 2018-19 and 2019-20 and All India Debt and Investment Survey by the government. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/online-education-platform-upgrad-acquires-centum-learning-to-upskill-enterprise-workforce/articleshow/94216993.cms">Online education platform upGrad acquires Centum Learning to upskill enterprise workforce</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fitch-slashes-indias-fy23-gdp-growth-forecast-to-7-from-7-8-earlier/articleshow/94213633.cms?utm_source=google_newsstand&amp;utm_medium=google_rssfeed&amp;utm_campaign=news_referral">Fitch slashes India's FY23 GDP growth forecast to 7% from 7.8% earlier</a>

Self-employed males earn 2.5 times more than females: Oxfam

The reach of <keyword id="50691" type="General" weightage="100" keywordseo="digital" source="Orion">digital</keyword> technologies remains limited to largely male, urban, upper-caste, and upper-class households and individuals, said <keyword id="69945" type="General" weightage="50" keywordseo="oxfam-india" source="Orion">Oxfam India</keyword>'s latest '<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> Inequality Report 2022: Digital Divide'. The percentage of men owning phones is as high as 61 per cent while only 31 per cent of the women owned phones in 2021, according to the report. Oxfam India has called on the Union government and state governments to ensure universal access to Internet connectivity by investing in digital infrastructure to not only make the Internet affordable but also push for greater accessibility to smartphones. According to the report, 8 per cent of the General Caste have a computer or a laptop whereas less than 1 per cent of the Scheduled Tribes (ST) and 2 per cent of the Scheduled Castes (SC) have it. As per the Mobile <keyword id="456269" type="General" weightage="50" keywordseo="gender-gap" source="Orion">Gender Gap</keyword> report by GSMA, women are less likely to use mobile Internet by 33 per cent when compared to men in 20. "Digital technologies were supposed to make public services and schemes more accessible. But the 'India Inequality Report 2022: Digital Divide' shows this isn't happening. The report highlights how digital technologies are accessible to the rich and privileged. The report shows that a person with a postgraduate or a Ph.D. is 60 per cent more likely to have a phone than a person with no education. This is worrying because this digital divide can further deepen the existing socio-economic inequalities in the country. We urge the state and Union governments to immediately take necessary steps to universalise internet connectivity and treat digital technologies as a public utility, not a privilege", said Amitabh Behar, CEO of Oxfam India. The report analysed primary data from the Centre for Monitoring Indian Economy's (CMIE) household survey from January 2018 to December 2021. The report looks at CMIE's data on Internet access, mobile ownership, computer, and broadband availability to assess the inclusivity of digital initiatives to deliver public services and entitlements. The report also used secondary analysis from the National Sample Survey (NSS). The report revealed a digital divide based on the employment status where 95 per cent of the salaried permanent workers have a phone whereas only 50 per cent of the unemployed (willing and looking for a job) have a phone in 2021. The report also highlights that contrary to popular perception the use of computer devices decreased in the rural areas. Pre-pandemic, only 3 per cent of the rural population owned a computer. This has come down to just 1 per cent post-pandemic. Whereas in the urban areas, the number of people with computers is 8 per cent. Amitabh Behar, CEO of Oxfam India said, "India's growing inequality is accentuated due to the digital divide. The growing inequality based on caste, religion, gender, class, and geographic location also gets replicated in the digital space. People without devices and the Internet get further marginalised due to difficulties in accessing education, health, and public services. This vicious cycle of inequality needs to stop." The report welcomed several initiatives by the state and Union governments to promote digital literacy, availability, accessibility, and affordability of the digital technologies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kama-holdings-valued-over-8000-crore-has-only-three-employees/slidelist/95998472.cms">Kama Holdings, valued over ₹8,000 crore, has only three employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/upcoming-new-games-in-2023/articleshow/95999256.cms">Top upcoming games in 2023: Here’s what PC, PlayStation, and Xbox users should expect</a>

Women, unemployed, rural poor lag due to digital divide, says Oxfam India Report

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s <keyword id="42159" type="General" weightage="80" keywordseo="richest" source="Orion">richest</keyword> now own more than 40% of the country's total wealth, as per an <keyword id="6412407" type="General" weightage="100" keywordseo="oxfam" source="Orion">Oxfam</keyword> report.</li><li>The bottom half of the population own just 3% of wealth.</li><li>The report also revealed that female workers earned only 63 paise for every 1 rupee a male worker earned.</li></ul>The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting here, rights group Oxfam International said that taxing India's ten-richest at 5 per cent can fetch entire money to bring children back to school. "A one-off tax on unrealized gains from 2017-2021 on just one billionaire, <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, could have raised Rs 1.79 lakh crore, enough to employ more than five million Indian primary school teachers for a year," it added. The report titled 'Survival of the Richest' further said that if India's billionaires are taxed once at 2 per cent on their entire wealth, it would support the requirement of Rs 40,423 crore for the nutrition of malnourished in the country for the next three years. "A one-time tax of 5 per cent on the 10 richest billionaires in the country (Rs 1.37 lakh crore) is more than 1.5 times the funds estimated by the Health and Family Welfare Ministry (Rs 86,200 crore) and the Ministry of Ayush (Rs 3,050 crore) for the year 2022-23," it added. On gender inequality, the report said that female workers earned only 63 paise for every 1 rupee a male worker earned. For Scheduled Castes and rural workers, the difference is even starker -- the former earned 55 per cent of what the advantaged social groups earned, and the latter earned only half of the urban earnings between 2018 and 2019. "Taxing the top 100 Indian billionaires at 2.5 per cent, or taxing the top 10 Indian billionaires at 5 per cent would nearly cover the entire amount required to bring the children back into school," it added. Oxfam said the report is a mix of qualitative and quantitative information to explore the impact of inequality in India. Secondary sources like Forbes and Credit Suisse have been used to look at the wealth inequality and billionaire wealth in the country, while government sources like NSS, Union budget documents, parliamentary questions, etc have been used to corroborate arguments made through out the report. Since the pandemic begun to Nov 2022, billionaires in India have seen their wealth surge by 121 per cent or Rs 3,608 crore per day in real terms, Oxfam said. On the other hand, approximately 64 per cent of the total Rs 14.83 lakh crore in Goods and Services Tax (GST) came from bottom 50 per cent of the population in 2021-22, with only 3 per cent of GST coming from the top 10 per cent. Oxfam said the total number of billionaires in India increased from 102 in 2020 to 166 in 2022. The combined wealth of India's 100 richest has touched USD 660 billion (Rs 54.12 lakh crore) -- an amount that could fund the entire Union Budget for more than 18 months, it added. Oxfam India CEO Amitabh Behar said, "The country's marginalised - Dalits, Adivasis, Muslims, Women and informal sector workers are continuing to suffer in a system which ensures the survival of the richest. "The poor are paying disproportionately higher taxes, spending more on essentials items and services when compared to the rich. The time has come to tax the rich and ensure they pay their fair share." Behar urged the Union finance minister to implement progressive tax measures such as wealth tax and inheritance tax, which he said have been historically proven to be effective in tackling inequality. Citing a nationwide survey by Fight Inequality Alliance India (FIA India) in 2021, Oxfam said it found that more than 80 per cent of people in India support tax on the rich and corporations who earned record profits during the Covid-19 pandemic. "More than 90 per cent participants demanded budget measures to combat inequality such as universal social security, right to health and expansion of budget to prevent gender-based violence," it added. "It's time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow 'trickling down' to everyone else. Taxing the super-rich is the strategic precondition to reducing inequality and resuscitating democracy. "We need to do this for innovation. For stronger public services and for happier and healthier societies," said Gabriela Bucher, Executive Director of Oxfam International. Oxfam India urged the Union finance minister to introduce one-off solidarity wealth taxes and windfall taxes to end crisis profiteering. It also demanded a permanent increase in taxes on the richest 1 per cent and especially raise taxes on capital gains, which are subject to lower tax rates than other forms of income. Oxfam also called for inheritance, property, and land taxes, as well as net wealth taxes, while enhancing the budgetary allocation of the health sector to 2.5 per cent of GDP by 2025, as envisaged in the National Health Policy. Oxfam said it also wants public health systems to be strengthened and budgetary allocation for education to be enhanced to the global benchmark of 6 per cent of GDP. "Ensure workers in formal and informal sector are paid basic minimum wages. The minimum wages should be at par with living wages which is essential for living a life with dignity," it added. SEE ALSO: <a href="https://www.businessinsider.in/business/news/paradyes-on-shark-tank-a-startup-so-good-that-sharks-had-to-pitch-their-expertise-to-founders/articleshow/96993620.cms">Colour them impressed: A startup so good that sharks had to pitch their expertise to founders</a> <a href="https://www.businessinsider.in/business/news/it-biggies-post-14-20-topline-growth-in-q3-as-caution-optimism-marks-mixed-earnings-commentary/articleshow/97007207.cms">IT biggies post 14-20% topline growth in Q3 as caution, optimism marks mixed earnings' commentary</a> <a href="https://www.businessinsider.in/thelife/news/a-tesla-buyer-says-she-feels-duped-and-taken-advantage-of-after-missing-out-on-a-13000-price-cut-report/articleshow/96991330.cms">A Tesla buyer says she feels 'duped' and 'taken advantage of' after missing out on a $13,000 price cut: report</a>

India's richest 1% own more than 40% of total wealth: Oxfam's Survival of the Richest report

Mumbai, Apr 16 () Private sector lender IndusInd Bank on Thursday said it has committed Rs 30 crore towards Covid-19 relief efforts. The bank did not specify if it is contributing to any corpus like the PM CARES Fund and limited itself to saying that it is working with both the central and state governments to fight the pandemic. It can be noted that a slew of corporates and banks have announced help to the relief efforts since the outbreak last month. IndusInd Bank said it has supplied relief materials such as face masks, hand sanitisers and gloves to the affected areas to and is also working on facilitating personal protective equipment (PPE) for medical officials on duty. It has also been given a mandate of opening an account towards the collection of contributions towards Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund), an official statement said. Meanwhile, Edelgive Foundation headed by Vidya Shah has also made a pledge to spend Rs 10 crore through NGOs working with vulnerable communities in the June quarter. The foundation has already helped develop the Common Charter for Indian Donor and Philanthropic Community as a founding member. This common platform for action on Covid-19 is developed jointly by Shah, Rohini Nilekani of Arghyam, Rishad Premji of Wipro, Amitabh Behar of Oxfam India and Ford Foundation. Its parent Edelweiss Group has already committed Rs 2.5 crore to the PM CARES Fund and to the Chief Minister's Office in Maharashtra for the same efforts. AA ANSANS

IndusInd Bank pledges Rs 30 cr towards Covid-19 relief efforts

Mumbai, Apr 7 () A section of India Inc on Tuesday appealed all corporate social responsibility initiatives to unite and focus efforts towards protecting the vulnerable sections of the society from the COVID-19 pandemic.IT services major Wipro's chairman Rishad Premji, Edelweiss Foundation's -- the CSR arm of financial services major -- Vidya Shah and Rohini Nilekani of Arghyam have come together and joined hands with global non-profit Oxfam in making the appeal.Th appealed to CSR foundations, funding and philanthropic organisations to focus efforts in protecting the elderly, the sick, the physically challenged, the poor and informal sector, migrant workers, a statement said.A slew of corporates have made announcements of giving and committing money to the newly-created PM-CARES Fund as the number of positive cases in India increased and the government appealed for voluntary contributions.The four entities called on large donors to "pledge for providing more effective support to and strengthening of their civil society partners by introducing flexibilities and undertaking measures in their grant-making and monitoring mechanisms" in the immediate term.The "flexibility" measures include making new grants as unrestricted as possible, so non-profit partners have maximum flexibility to respond to this crisis.Oxfam's chief executive Amitabh Behar said this is precisely the kind of action needed from big names of Indian industry, philanthropies and foundations for the long-term battle against COVID-19 and its economic and social consequences. AA MR

Corporates appeal to unite CSR efforts to protect vulnerable from COVID

<img src="https://static-ssl.businessinsider.com/image/5db1dca9dee01951045e5f49-2400/2019-05-09t203607z313481933rc130dd57b40rtrmadp3space-exploration-bezos.jpg" alt="Jeff Bezos" />Clodagh Kilcoyne/Reuters<ul><li>The world's 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam's latest report on inequality found.</li><li>The richest 1% are more than twice as wealthy as 6.9 billion people, or nearly 90% of the human population, the report estimated.</li><li>A key driver of the wealth gap is that women and girls put in 12.5 billion hours of unpaid care work every day, the Oxfam researchers argued.</li><li>Their recommendations include investing in national care, passing laws to protect and pay care workers, and ending extreme wealth.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit Business Insider's homepage for more stories</a>.<hr /></li></ul>The world's 2,153 billionaires are richer than 4.6 billion people - 60% of the global population - combined, according to "<a href="https://oxfamilibrary.openrepository.com/bitstream/handle/10546/620928/bp-time-to-care-inequality-200120-en.pdf">Time to Care</a>," Oxfam's latest report on inequality."Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women," Oxfam India CEO Amitabh Behar <a href="https://www.oxfam.org/en/press-releases/worlds-billionaires-have-more-wealth-46-billion-people">said in a press release</a> ahead of this week's World Economic Forum in Davos, an annual gathering of business, academic, and political leaders."No wonder people are starting to question whether billionaires should even exist," Behar added.The richest 1% are more than twice as wealthy as 6.9 billion people, or nearly 90% of the human population, the report's authors found. The 22 wealthiest men in the world, led by Amazon CEO Jeff Bezos and Microsoft cofounder Bill Gates, possess more wealth than all the women in Africa put together, they added.The Oxfam researchers highlighted a key driver of the issue: women and girls put in 12.5 billion hours of unpaid care work every day, contributing $10.8 trillion to the global economy each year - more than triple the size of the global tech industry, by their estimates."This great divide is based on a flawed and sexist economic system that values the wealth of the privileged few, mostly men, more than the billions of hours of the most essential work - the unpaid and underpaid care work done primarily by women and girls around the world," they said.The authors made several recommendations to narrow the gap: Invest in national care to lessen the burden of care work shouldered by women and girls, pass laws to protect carers' rights and pay care workers a living wage, give carers a say in relevant decisions, challenge regressive and sexist norms, and ensure businesses value care work.Perhaps their most controversial proposal: "End extreme wealth to end extreme poverty."The researchers estimated that if the richest 1% paid another 0.5% in annual taxes on their wealth over the next decade, the money collected could create 117 million jobs in health, education, and care for the elderly and children.The recommendation echoes Democratic presidential candidates Sen. Bernie Sanders and Sen. Elizabeth Warren, and progressive firebrand Rep. Alexandria Ocasio-Cortez, who have called for <a href="https://www.businessinsider.com/wealth-tax-bernie-sanders-elizabeth-warren-difference-explained-chart-2019-10?r=US&amp;IR=T">higher taxes on the wealthy</a> to <a href="https://www.businessinsider.com/alexandria-ocasio-cortezs-tax-plan-would-supply-tens-of-billions-of-dollars-2019-1?r=US&amp;IR=T">redistribute wealth and reduce inequality</a>. Even Gates recently argued that "<a href="https://markets.businessinsider.com/news/stocks/bill-gates-calls-tax-hike-wealthy-new-years-eve-blog-2020-1-1028791394">the rich should pay more</a>."<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"><img src="https://static.businessinsider.com/image/5dcb0cab7eece5025933c502" alt="Exclusive FREE Slide Deck: 10 Up and Coming Fintechs by Business Insider Intelligence" style="margin: 0 auto !important; width: 100% !important; min-width: 280px !important; max-width: 640px !important" /></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/stop-using-champagne-flutes-this-is-the-best-way-to-drink-champagne-2017-12">Stop using champagne flutes - this is the best way to drink champagne</a></h3> <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/JCKIRytm-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>

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