The annual summit of the World Economic Forum in Davos in Switzerland has kicked off today after a gap of nearly about two and a half years. 2,500 leaders from politics, business, media will attend the summit.

Davos World Economic Forum: Russian invasion of Ukraine to dominate agenda

The annual summit of the World Economic Forum in Davos in Switzerland has kicked off today after a gap of nearly about two and a half years. A host of global leaders including from India are expected to deliberate over the main challenges facing the world economy .

World Economic Forum returns in person, more than 2500 leaders to attend

The world's political and business elite will hobnob in&nbsp;Davos&nbsp;next week after a two-year break caused by Covid, with the Ukraine war set to dominate the exclusive Swiss mountain summit.

The world has changed drastically since the last time the World&nbsp;Economic&nbsp;Forum&nbsp;took place in person at the ski resort in January 2020.

At the time, US President Donald Trump and climate campaigner Greta Thunberg headlined the show and the coronavirus had yet to spread widely outside China.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-to-not-attend-davos-for-defence-conference-this-year-453250">Russia to not attend 'Davos for defence' conference this year</a>

Since then, the outbreak in China turned into a pandemic that rocked the global economy, Trump lost the US election to Joe Biden, countries have endured climate change-driven weather disasters, inflation has surged and Russia invaded Ukraine.

After a virtual&nbsp;forum&nbsp;in 2021 and the postponement of this year's in-person event due to the Omicron variant, the WEF returns to its&nbsp;Davos&nbsp;den on Monday under the theme "History at a Turning Point".

But the hub of cheerleaders of capitalism and globalisation will lack its usual scenic snowy backdrop -- and the usual Russian contingent.

President Vladimir Putin spoke at the online meeting last year, but organisers decided to exclude Russians this time as Western powers have imposed sanctions on Moscow over the Ukraine conflict.

Instead, Ukrainian President Volodymyr Zelensky will address the summit via video link while around a dozen officials from his country will attend in person.

WEF founder Klaus Schwab said it would be "the most timely and consequential" meeting since the creation of the&nbsp;forum&nbsp;more than 50 years ago.

"Russia's aggression on the country will be seen in future history books as the breakdown of the post-World War II and post-Cold War order," Schwab said in a pre-summit briefing, adding that&nbsp;Davos&nbsp;will do what it can to support Ukraine and its recovery.

Watch |&nbsp;WEF's online Davos summit begins today; World leaders to deliver key address

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WEF president Borge Brende said that excluding the Russians from the&nbsp;forum&nbsp;was "the right decision".

"We do hope, though, that Russia will follow a different path ... in the years to come to start to stick to the UN charter and to their international obligations," Brende said.

Few stars

More than 50 heads of state or government will be among the 2,500 delegates ranging from business leaders to academics and civil society figures attending the four-day gathering.

Some of the biggest names include Germany's new chancellor, Olaf Scholz, European Union chief Ursula von der Leyen, NATO head Jens Stoltenberg and US climate envoy John Kerry.

While war will overshadow the meeting, the&nbsp;forum&nbsp;will also have panels on everything from climate change to rising energy prices, global supply chain problems, gender inequality, poverty, football and the metaverse.

This year's meeting, though, lacks some of the star power of the past. Some, such as Chinese President Xi Jinping, spoke in a virtual version in January.

"I am sure that this is kind of a disappointment," said Adrienne Sorbom, co-author of "Discreet Power", a book on the World&nbsp;Economic&nbsp;Forum.

Also read |&nbsp;<a href="https://www.wionews.com/world/make-us-pay-more-tax-say-patriotic-millionaires-at-davos-virtual-summit-445879">Make us pay more tax, say 'patriotic millionaires' at Davos virtual summit</a>

"I think that the discreet diplomacy that the...&nbsp;forum&nbsp;arranges for is one of the things that is truly to the heart of the&nbsp;forum&nbsp;and what Klaus Schwab sees as his greatest achievement," said Sorbom, a sociology professor at Stockholm University.

While the&nbsp;forum's relevance is questioned every year, it keeps attracting titans of industry and government leaders -- as well as some of its biggest critics.

When Sorbom attended&nbsp;Davos&nbsp;in 2014, "business leaders were saying, 'if you're not here you do not exist".

"Everyone that wants to be someone needs to go there," she said.

Festival of wealth

The&nbsp;forum&nbsp;has produced some consequential moments.

It hosted the first ministerial meetings between North and South Korea in 1989 as well as talks between South Africa's apartheid-era president F. W. de Klerk and then dissident Nelson Mandela in 1992.

Also read |<a href="https://www.wionews.com/world/davos-agenda-2022-at-wef-un-chief-urges-businesses-to-help-low-income-nations-amid-covid-and-climate-crises-445567">&nbsp;Davos Agenda 2022: At WEF, UN chief urges businesses to help low-income nations amid Covid and climate crises</a>

The&nbsp;forum, however, regularly faces criticism as evidence of the cozy relationship between the political and corporate elite.

"At this&nbsp;Davos, at this festival of wealth, I think we're going to see just how profoundly unequal our world has become," said Nabil Ahmed, head of strategy at global charity Oxfam.

But Oxfam, which is pushing for taxes on the rich, is also among&nbsp;Davos&nbsp;regulars.

"I think it's important to go to&nbsp;Davos&nbsp;to challenge power, to put forward hard facts, to talk directly to these governments and corporations and amplify the voices they're not listening to," Ahmed said.

The world's political and business elite will hobnob in Davos next week after a two-year break caused by Covid, with the Ukraine war set to dominate the exclusive Swiss mountain summit.

The world's political and business elite will hobnob in Davos next week after a two-year break caused by Covid, with the Ukraine war set to dominate the exclusive Swiss mountain summit. The world has changed drastically since the last time the World Economic Forum took place in person at the ski resort in January 2020. At the time, US President Donald Trump and climate campaigner Greta Thunberg headlined the show and the coronavirus had yet to spread widely outside China. Also read | Russia to not attend 'Davos for defence' conference this year Since then, the outbreak in China turned into a pandemic that rocked the global economy, Trump lost the US election to Joe Biden, countries have endured climate change-driven weather disasters, inflation has surged and Russia invaded Ukraine. After a virtual forum in 2021 and the postponement of this year's in-person event due to the Omicron variant, the WEF returns to its Davos den on Monday under the theme "History at a Turning Point". But the hub of cheerleaders of capitalism and globalisation will lack its usual scenic snowy backdrop -- and the usual Russian contingent. President Vladimir Putin spoke at the online meeting last year, but organisers decided to exclude Russians this time as Western powers have imposed sanctions on Moscow over the Ukraine conflict. Instead, Ukrainian President Volodymyr Zelensky will address the summit via video link while around a dozen officials from his country will attend in person. WEF founder Klaus Schwab said it would be "the most timely and consequential" meeting since the creation of the forum more than 50 years ago. "Russia's aggression on the country will be seen in future history books as the breakdown of the post-World War II and post-Cold War order," Schwab said in a pre-summit briefing, adding that Davos will do what it can to support Ukraine and its recovery. Watch | WEF's online Davos summit begins today; World leaders to deliver key address WEF president Borge Brende said that excluding the Russians from the forum was "the right decision". "We do hope, though, that Russia will follow a different path ... in the years to come to start to stick to the UN charter and to their international obligations," Brende said. Few stars More than 50 heads of state or government will be among the 2,500 delegates ranging from business leaders to academics and civil society figures attending the four-day gathering. Some of the biggest names include Germany's new chancellor, Olaf Scholz, European Union chief Ursula von der Leyen, NATO head Jens Stoltenberg and US climate envoy John Kerry. While war will overshadow the meeting, the forum will also have panels on everything from climate change to rising energy prices, global supply chain problems, gender inequality, poverty, football and the metaverse. This year's meeting, though, lacks some of the star power of the past. Some, such as Chinese President Xi Jinping, spoke in a virtual version in January. "I am sure that this is kind of a disappointment," said Adrienne Sorbom, co-author of "Discreet Power", a book on the World Economic Forum. Also read | Make us pay more tax, say 'patriotic millionaires' at Davos virtual summit "I think that the discreet diplomacy that the... forum arranges for is one of the things that is truly to the heart of the forum and what Klaus Schwab sees as his greatest achievement," said Sorbom, a sociology professor at Stockholm University. While the forum's relevance is questioned every year, it keeps attracting titans of industry and government leaders -- as well as some of its biggest critics. When Sorbom attended Davos in 2014, "business leaders were saying, 'if you're not here you do not exist". "Everyone that wants to be someone needs to go there," she said. Festival of wealth The forum has produced some consequential moments. It hosted the first ministerial meetings between North and South Korea in 1989 as well as talks between South Africa's apartheid-era president F. W. de Klerk and then dissident Nelson Mandela in 1992. Also read | Davos Agenda 2022: At WEF, UN chief urges businesses to help low-income nations amid Covid and climate crises The forum, however, regularly faces criticism as evidence of the cozy relationship between the political and corporate elite. "At this Davos, at this festival of wealth, I think we're going to see just how profoundly unequal our world has become," said Nabil Ahmed, head of strategy at global charity Oxfam. But Oxfam, which is pushing for taxes on the rich, is also among Davos regulars. "I think it's important to go to Davos to challenge power, to put forward hard facts, to talk directly to these governments and corporations and amplify the voices they're not listening to," Ahmed said.

Davos returns under Ukraine cloud after Covid break

The Russian government will not send any representatives to this year's Munich security conference, said chairman of the event Wolfgang Ischinger.&nbsp;Known as "Davos for defence," the conference brings together the world's defence and security elite in Germany.

This year, the conference comes at a time when the US has warned of an approaching Russian invasion of Ukraine.

Meanwhile, an official from European Union has said that talks between US and Russia were "not yielding a lot but that dialogue with President Vladimir Putin was still open via the leaders of Germany and France."

<a href="https://www.wionews.com/world/ukraine-crisis-eu-preparing-but-unsure-about-russias-next-move-453236">Also read |&nbsp;Ukraine crisis: EU preparing but unsure about Russia's next move&nbsp;</a>

The official spoke under the condition of anonymity.&nbsp;

He said that the harsher the EU sanctions against Russia would be in case of a military invasion, the biggest hit for the bloc should Moscow retaliate.

Russia continues to maintain military presence of more than 100,000 troops near Ukraine. Even though it claims that it did not have an invasion in mind, several statements from the Russian camps are being taken to be an effort towards creating a pre-text.

(With inputs from agencies)

The Russian government will not send any representatives to this year's Munich security conference, said chairman of the event Wolfgang Ischinger. Known as "Davos for defence," the conference brings together the world's defence and security elite in Germany.

The Russian government will not send any representatives to this year's Munich security conference, said chairman of the event Wolfgang Ischinger. Known as "Davos for defence," the conference brings together the world's defence and security elite in Germany. This year, the conference comes at a time when the US has warned of an approaching Russian invasion of Ukraine. Meanwhile, an official from European Union has said that talks between US and Russia were "not yielding a lot but that dialogue with President Vladimir Putin was still open via the leaders of Germany and France." Also read | Ukraine crisis: EU preparing but unsure about Russia's next move The official spoke under the condition of anonymity. He said that the harsher the EU sanctions against Russia would be in case of a military invasion, the biggest hit for the bloc should Moscow retaliate. Russia continues to maintain military presence of more than 100,000 troops near Ukraine. Even though it claims that it did not have an invasion in mind, several statements from the Russian camps are being taken to be an effort towards creating a pre-text. (With inputs from agencies)

Russia to not attend 'Davos for defence' conference this year

Indian Prime Minister Narendra Modi is all set to address the World Economic Forum's Davos agenda virtual event later today. Now due to the covid- 19 pandemic, the WEF will be hosting the event on its website and social media channels from 17th to 21st of January now this is the second consecutive year that the forum has had to host the summit digitally due to pandemic.

WEF's online Davos summit begins today; World leaders to deliver key address

Highlighting the various measures taken by India to strengthen the “ease of doing business”, Prime Minister Narendra Modi in a special address to the world leaders on Monday said that it is the best time to invest in India.

In a special address at the World Economic Forum's online Davos Agenda 2022 summit, Modi said India is focused on reforms in the right direction and the global economic experts have praised India's decisions.

“India offers a bouquet of hope to the world. It includes our trust in democracy; it includes our technology, our temperament and talent," he said.

“In 2014, there were maybe a hundred registered startups in India. Now, the number has crossed 60 thousand. We also have more than 80 unicorns now, more than 40 of them achieved that status just last year," he added.&nbsp;

The prime minister also pointed out India's innovations in technology and digital infrastructure, rapid adaptation of technologies like the Unified Payments Interface (UPI), technological solutions like Arogya Setu and CoWin, and tax reforms to strengthen ease of doing business in the country.

Also read |&nbsp;<a href="https://www.wionews.com/world/world-economic-forum-xi-highlights-the-need-of-fostering-new-opportunities-at-davos-2022-445404">World Economic Forum: Xi highlights the need of 'fostering new opportunities' at Davos 2022</a>

“In 2014, there were a few hundred registered startups in India. Today, their number has crossed 60,000 with more than 10,000 of them registered in the last six months. More than 50 lakh (5 million) software developers are working in the country today," Modi said.

Asserting that India is making its policies today while focussing on requirements for not just the present but also for the next 25 years, Modi said this period of growth would be “green and clean” as well as “sustainable and reliable”.

He also said India is fighting another COVID-19 wave with full alertness and caution while also maintaining economic growth.

“We will fulfil all the expectations that the entire world has from us,” he said.

PM Modi said India is now becoming the “new, attractive” investment destination because of several initiatives taken by the government that appeal to the business community.

(With inputs from agencies)

Highlighting the various measures taken by India to strengthen the “ease of doing business”, Prime Minister Narendra Modi in a special address to the world leaders on Monday said that it is the best time to invest in India.

Highlighting the various measures taken by India to strengthen the “ease of doing business”, Prime Minister Narendra Modi in a special address to the world leaders on Monday said that it is the best time to invest in India. In a special address at the World Economic Forum's online Davos Agenda 2022 summit, Modi said India is focused on reforms in the right direction and the global economic experts have praised India's decisions. “India offers a bouquet of hope to the world. It includes our trust in democracy; it includes our technology, our temperament and talent," he said. “In 2014, there were maybe a hundred registered startups in India. Now, the number has crossed 60 thousand. We also have more than 80 unicorns now, more than 40 of them achieved that status just last year," he added. The prime minister also pointed out India's innovations in technology and digital infrastructure, rapid adaptation of technologies like the Unified Payments Interface (UPI), technological solutions like Arogya Setu and CoWin, and tax reforms to strengthen ease of doing business in the country. Also read | World Economic Forum: Xi highlights the need of 'fostering new opportunities' at Davos 2022 “In 2014, there were a few hundred registered startups in India. Today, their number has crossed 60,000 with more than 10,000 of them registered in the last six months. More than 50 lakh (5 million) software developers are working in the country today," Modi said. Asserting that India is making its policies today while focussing on requirements for not just the present but also for the next 25 years, Modi said this period of growth would be “green and clean” as well as “sustainable and reliable”. He also said India is fighting another COVID-19 wave with full alertness and caution while also maintaining economic growth. “We will fulfil all the expectations that the entire world has from us,” he said. PM Modi said India is now becoming the “new, attractive” investment destination because of several initiatives taken by the government that appeal to the business community. (With inputs from agencies)

‘We offer a bouquet of hope to world’: Modi pitches ‘invest in India’ at WEF Davos 2022

Speaking at the World Economic Forum's (WEF) Davos Agenda, Chinese President Xi Jinping emphasised the need to overcome all obstacles. "We must do everything that is necessary to clear the shadow of the pandemic and boost economic and social recovery and development," he said.

The weeklong virtual event which started today will feature heads of state and government, CEOs and other leaders.&nbsp;

"How to beat the pandemic and how to build the post-Covid world? These are major issues of common concern," he highlighted.&nbsp;

“As the momentum of the world is either progress or regresses, without contradiction nothing will exist. We need to learn from long history cycles and foster new opportunities. But first, we need to embrace cooperation and jointly defeat the pandemic,” Xi said.

<a href="https://www.wionews.com/world/live-xi-warns-global-confrontation-invites-catastrophic-consequences-at-davos-2022-445372">Also read |&nbsp;Live: Xi warns global confrontation 'invites catastrophic consequences' at Davos 2022</a>

Xi also spoke about a massive surge in global inflation. He said that there is a need to keep the industrial supply chain smooth. "For that, we should make the generally acceptable rules for digital economy," he highlighted.&nbsp;

Several heads of state will address the event including Japanese Prime Minister Kishida Fumio, Australian Prime Minister Scott Morrison, Indonesian President Joko Widodo, Israeli Prime Minister Naftali Bennett, &nbsp;and EU Commission's chief Ursua von der Leyen.

Indian Prime Minister Narendra Modi will also deliver a special address via video conferencing.

As the Davos Agenda 2022 is bringing world leaders together, PM Modi will deliver the 'State of the World' address, which is scheduled at 8:30pm IST.&nbsp;

As per the WEF website, the event will also mark the launch of several forum initiatives. This includes efforts to accelerate the race to net-zero emissions.&nbsp;

Speaking at the World Economic Forum's (WEF) Davos Agenda, Chinese President Xi Jinping emphasised the need to overcome all obstacles. "We must do everything that is necessary to clear the shadow of the pandemic and boost economic and social recovery and development," he said.

Speaking at the World Economic Forum's (WEF) Davos Agenda, Chinese President Xi Jinping emphasised the need to overcome all obstacles. "We must do everything that is necessary to clear the shadow of the pandemic and boost economic and social recovery and development," he said. The weeklong virtual event which started today will feature heads of state and government, CEOs and other leaders. "How to beat the pandemic and how to build the post-Covid world? These are major issues of common concern," he highlighted. “As the momentum of the world is either progress or regresses, without contradiction nothing will exist. We need to learn from long history cycles and foster new opportunities. But first, we need to embrace cooperation and jointly defeat the pandemic,” Xi said. Also read | Live: Xi warns global confrontation 'invites catastrophic consequences' at Davos 2022 Xi also spoke about a massive surge in global inflation. He said that there is a need to keep the industrial supply chain smooth. "For that, we should make the generally acceptable rules for digital economy," he highlighted. Several heads of state will address the event including Japanese Prime Minister Kishida Fumio, Australian Prime Minister Scott Morrison, Indonesian President Joko Widodo, Israeli Prime Minister Naftali Bennett, and EU Commission's chief Ursua von der Leyen. Indian Prime Minister Narendra Modi will also deliver a special address via video conferencing. As the Davos Agenda 2022 is bringing world leaders together, PM Modi will deliver the 'State of the World' address, which is scheduled at 8:30pm IST. As per the WEF website, the event will also mark the launch of several forum initiatives. This includes efforts to accelerate the race to net-zero emissions.

World Economic Forum: Xi highlights the need of 'fostering new opportunities' at Davos 2022

The streets of Davos are normally crowded at this time of the year as influential leaders from around the world gather here for the World Economic Forum's (WEF) Annual Meeting. But this year will be different; instead of gathering at the Swiss ski resort, the world's great and good will do so virtually due to the coronavirus pandemic.

Empty streets in Davos as World Economic Forum holds virtual meeting

The streets of Davos are normally crowded at this time of the year as influential leaders from around the world gather here for the World Economic Forum's (WEF) Annual Meeting.

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic. This year, world's great and good will interact virtually. There is no shortage of topics as the world economy is in deep crisis after a year marred by the COVID crisis. Soaring unemployment and debt levels, growing income inequality and climate change have proven to be great impediments in global progress.

"We have practically assembled the same high level - and also amount - of global decision-makers for politics, business, society as we usually do in Davos." said WEF chief Klaus Schwab in an interview with Reuters.

"What makes Davos different is that you do not just have some heads of state or some top business leaders, you have practically everyone who counts coming together," he added.

Heads of states, CEOs, civil society leaders, global media and youth leaders from Africa, Asia, Europe, Middle East, Latin America and North America will attend the WEF virtually this year.

The WEF is hoping that normalcy returns and has planned a face-to-face meeting in Singapore in May.

The World Economic Forum 2021 kicks off on Monday (January 25) and ends on Friday (January 29).

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic.

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic. This year, world's great and good will interact virtually. There is no shortage of topics as the world economy is in deep crisis after a year marred by the COVID crisis. Soaring unemployment and debt levels, growing income inequality and climate change have proven to be great impediments in global progress. "We have practically assembled the same high level - and also amount - of global decision-makers for politics, business, society as we usually do in Davos." said WEF chief Klaus Schwab in an interview with Reuters. "What makes Davos different is that you do not just have some heads of state or some top business leaders, you have practically everyone who counts coming together," he added. Heads of states, CEOs, civil society leaders, global media and youth leaders from Africa, Asia, Europe, Middle East, Latin America and North America will attend the WEF virtually this year. The WEF is hoping that normalcy returns and has planned a face-to-face meeting in Singapore in May. The World Economic Forum 2021 kicks off on Monday (January 25) and ends on Friday (January 29).

Empty streets in Davos as World Economic Forum goes virtual

Economic inequality has gone haywire, and as of 2019 more than 2,153 billionaires have more wealth than 4.6 billion people.&nbsp;

Also read: <a href="https://www.wionews.com/india-news/oxfam-releases-report-ahead-of-world-economic-forum-annual-meeting-explains-the-benefits-of-taxing-indias-top-1-275407">Wealth inequality in India — A maid would need to work for 22,277 years to earn as much as a top CEO</a>

Also read:&nbsp;<a href="https://www.wionews.com/world/unpaid-work-done-by-women-globally-worth-43-times-apples-annual-turnover-oxfam-191775">Unpaid work done by women globally worth 43-times Apple's annual turnover: Oxfam</a>

In Oxfam's 'Time to Care' report published ahead of the WEF Annual Meeting - also called the "Davos 2020", UK-based charity accused governments the world over of massively under-taxing rich corporations and individuals. All this while public services remain severely underfunded in many developing countries.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/world-economic-forums-global-gender-gap-index-india-slips-to-112th-rank-268698">World Economic Forum’s Global Gender gap index: India slips to 112th rank</a>

The report highlighted gender-based economic disparities as well, stating that women and girls bore the brunt of a disproportionate responsibility for care work with sporadic economic opportunities.

Citing the data collected by Bloomberg, the world's richest people have amassed a total of USD 231 billion over the past decade. Founder of Facebook and CEO Mark Zuckerberg, fifth richest person in the world has the highest boost last year with a nett gain of around USD 6 billion.

Oxfam report claimed that an individual saving USD 10,000 per day since the construction of the Pyramids of Giza would still have only a fifth of the average fortune of the world's top five. Understanding the severity of the wealth disparity was made easier by another statement by Oxfam, that the combined wealth of the world's 22 richest men is at par, perhaps even more than the wealth of all the women in Africa.

Economic inequality has gone haywire, and as of 2019 more than 2,153 billionaires have more wealth than 4.6 billion people. Also read: Wealth inequality in India — A maid would need to work for 22,277 years to earn as much as a top CEO Also read: Unpaid work done by women globally worth 43-times Apple's annual turnover: Oxfam In Oxfam's 'Time to Care' report published ahead of the WEF Annual Meeting - also called the "Davos 2020", UK-based charity accused governments the world over of massively under-taxing rich corporations and individuals.

Economic inequality has gone haywire, and as of 2019 more than 2,153 billionaires have more wealth than 4.6 billion people. Also read: Wealth inequality in India — A maid would need to work for 22,277 years to earn as much as a top CEO Also read: Unpaid work done by women globally worth 43-times Apple's annual turnover: Oxfam In Oxfam's 'Time to Care' report published ahead of the WEF Annual Meeting - also called the "Davos 2020", UK-based charity accused governments the world over of massively under-taxing rich corporations and individuals. All this while public services remain severely underfunded in many developing countries. Also read: World Economic Forum’s Global Gender gap index: India slips to 112th rank The report highlighted gender-based economic disparities as well, stating that women and girls bore the brunt of a disproportionate responsibility for care work with sporadic economic opportunities. Citing the data collected by Bloomberg, the world's richest people have amassed a total of USD 231 billion over the past decade. Founder of Facebook and CEO Mark Zuckerberg, fifth richest person in the world has the highest boost last year with a nett gain of around USD 6 billion. Oxfam report claimed that an individual saving USD 10,000 per day since the construction of the Pyramids of Giza would still have only a fifth of the average fortune of the world's top five. Understanding the severity of the wealth disparity was made easier by another statement by Oxfam, that the combined wealth of the world's 22 richest men is at par, perhaps even more than the wealth of all the women in Africa.

2,153 billionaires have more money than 4.6 billion people combined: Oxfam

India's most affluent 1 per cent control four-times the riches held by 953 million individuals who establish the last 70 per cent of India's populace, though the total wealth of all Indian tycoons are more than the full-year budget, stated a new study on Monday.

<a href="https://www.wionews.com/world/2153-billionaires-have-more-money-than-46-billion-people-combined-oxfam-275420">Also read: 2,153 billionaires have more money than 4.6 billion people combined — Oxfam</a> 
 
Rights group <a href="https://www.wionews.com/india-news/oxfam-says-former-haiti-director-admitted-hiring-sex-workers-33343">Oxfam</a> released a study 'Time to Care' ahead of the 50th Annual meeting of the <a href="https://www.wionews.com/south-asia/pakistan-ranks-110th-among-141-countries-on-wefs-global-competitiveness-index-255199">World Economic Forum</a> (WEF). Citing research from the <a href="https://www.wionews.com/business-economy/world-bank-slashes-global-growth-forecast-amid-deepening-us-china-trade-conflict-224398">World Bank</a>, the report further states that reducing inequality has a more pronounced effect on lowering extreme poverty than economic growth, saying that "Analysis indicates if countries were to reduce income inequality by 1 percent each year, 100 million people would be saved from extreme poverty by 2030."

Also read:&nbsp;<a href="https://www.wionews.com/india-news/world-economic-forums-global-gender-gap-index-india-slips-to-112th-rank-268698">World Economic Forum’s Global Gender gap index: India slips to 112th rank</a>

As per the report, global inequality is entrenched and vast, with the number of billionaires doubling in the last decade despite a decrease in their combined wealth in the last year. "The gap between rich and poor cannot be resolved without deliberate inequality-busting policies and too few governments are committed to these," said Oxfam India CEO Amitabh Behar.

The issues of income and gender inequality are expected to figure prominently in discussions at the five-day WEF summit, starting on Monday. The <a href="https://www.wionews.com/world/world-to-be-riskier-place-in-2018-world-economic-forum-29875">Annual Global Risk Report</a> warns that downward pressure on the global economy from the macroeconomic fragilities continued to intensify in 2019.

Concerns about inequality root from social unrest in almost every continent, though the catalyst may not always be the same such as corruption, constitutional breaches or the rise in prices for basic services and good, the WEF report claimed.

Although global inequality has declined over the past three decades, domestic income inequality has risen in many nations, particularly in advanced economies, reaching historic highs in some, according to the Global Risks Report.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/indias-richest-1-get-richer-by-39-in-2018-just-3-rise-for-bottom-half-oxfam-191688">Wealth of 9 richest Indians equal to poorer 50% of population: Oxfam</a>

Oxfam report further stated that "<a href="https://www.wionews.com/opinions/more-girls-die-under-age-five-in-countries-with-high-gender-inequality-174574">sexist</a>" economies are fuelling the inequality crisis by enabling the wealthy elite to accumulate vast fortunes at the expense of the common man, particularly poor women and girls. As far as India is concerned, Oxfam claims that the combined wealth of 63 billionaires is higher than the Union Budget of India for the fiscal year 2018-19, rated at 24,42,200 crore.

According to the report, a female domestic worker would need 22,277 years to earn the same amount the top CEO of a technology earns in a year. With earnings pegged at Rs.106 per second, a tech CEO stands to make more in 10 minutes than what a domestic worker would make in a year. Women and girls put in 3.26 billion hours of unpaid care work every day - a contribution to the Indian economy of at least Rs. 19 lakh crore a year, 20 times the entire education budget of India for 2019 (Rs. 93,000 crores).

The report also claims that direct public investments in the care economy of 2 per cent of the GDP could potentially create 11 million new jobs, compensating for the 11 million jobs lost in 2018.

Also read:&nbsp;<a href="https://www.wionews.com/world/unpaid-work-done-by-women-globally-worth-43-times-apples-annual-turnover-oxfam-191775">Unpaid work done by women globally worth 43-times Apple's annual turnover: Oxfam</a>

Mr Behar stated, "unpaid care work is the 'hidden engine' that keeps the wheels of our economies, businesses and societies moving. It is driven by women who often have little time to get an education, earn a decent living or have a say in how our societies are run, and who are therefore trapped at the bottom of the economy."

Oxfam accused governments of failing to collect revenues that could help lift the responsibility of care from women, tackling poverty and inequality and under-taxing the wealthiest individuals and corporations.

Governments are also underfunding vital public services and infrastructure that could help reduce the workload of this demographic, the report said. As per the global survey, 22 richest men in the world have more wealth than all the women in <a href="https://www.wionews.com/world/after-attacks-on-people-and-livestock-tanzania-will-relocate-36-serengeti-lions-275220">Africa</a>.

Women and girls undertake 12.5 billion hours of unpaid care work every single day, which contributes to the global economy of at least USD 10.8 trillion a year - three times the size of the global tech industry. If the richest were to pay 0.5 per cent of extra tax on their wealth over the next 10 years, it would equal the investment needed to create 117 million jobs in sectors such as child care, education, health and elderly care.

Prioritising care as much as other sectors is a must for governments to build economies that work for everyone, not just a fortunate few, Mr Behar said. Oxfam claims that its calculations are based on the latest data sources available, citing research from the Credit Suisse Research Institute's Global Wealth Databook 2019 and Forbes 2019 Billionaires List.

India's most affluent 1 per cent control four-times the riches held by 953 million individuals who establish the last 70 per cent of India's populace, though the total wealth of all Indian tycoons are more than the full-year budget, stated a new study on Monday.

India's most affluent 1 per cent control four-times the riches held by 953 million individuals who establish the last 70 per cent of India's populace, though the total wealth of all Indian tycoons are more than the full-year budget, stated a new study on Monday. Also read: 2,153 billionaires have more money than 4.6 billion people combined — Oxfam Rights group Oxfam released a study 'Time to Care' ahead of the 50th Annual meeting of the World Economic Forum (WEF). Citing research from the World Bank, the report further states that reducing inequality has a more pronounced effect on lowering extreme poverty than economic growth, saying that "Analysis indicates if countries were to reduce income inequality by 1 percent each year, 100 million people would be saved from extreme poverty by 2030." Also read: World Economic Forum’s Global Gender gap index: India slips to 112th rank As per the report, global inequality is entrenched and vast, with the number of billionaires doubling in the last decade despite a decrease in their combined wealth in the last year. "The gap between rich and poor cannot be resolved without deliberate inequality-busting policies and too few governments are committed to these," said Oxfam India CEO Amitabh Behar. The issues of income and gender inequality are expected to figure prominently in discussions at the five-day WEF summit, starting on Monday. The Annual Global Risk Report warns that downward pressure on the global economy from the macroeconomic fragilities continued to intensify in 2019. Concerns about inequality root from social unrest in almost every continent, though the catalyst may not always be the same such as corruption, constitutional breaches or the rise in prices for basic services and good, the WEF report claimed. Although global inequality has declined over the past three decades, domestic income inequality has risen in many nations, particularly in advanced economies, reaching historic highs in some, according to the Global Risks Report. Also read: Wealth of 9 richest Indians equal to poorer 50% of population: Oxfam Oxfam report further stated that "sexist" economies are fuelling the inequality crisis by enabling the wealthy elite to accumulate vast fortunes at the expense of the common man, particularly poor women and girls. As far as India is concerned, Oxfam claims that the combined wealth of 63 billionaires is higher than the Union Budget of India for the fiscal year 2018-19, rated at 24,42,200 crore. According to the report, a female domestic worker would need 22,277 years to earn the same amount the top CEO of a technology earns in a year. With earnings pegged at Rs.106 per second, a tech CEO stands to make more in 10 minutes than what a domestic worker would make in a year. Women and girls put in 3.26 billion hours of unpaid care work every day - a contribution to the Indian economy of at least Rs. 19 lakh crore a year, 20 times the entire education budget of India for 2019 (Rs. 93,000 crores). The report also claims that direct public investments in the care economy of 2 per cent of the GDP could potentially create 11 million new jobs, compensating for the 11 million jobs lost in 2018. Also read: Unpaid work done by women globally worth 43-times Apple's annual turnover: Oxfam Mr Behar stated, "unpaid care work is the 'hidden engine' that keeps the wheels of our economies, businesses and societies moving. It is driven by women who often have little time to get an education, earn a decent living or have a say in how our societies are run, and who are therefore trapped at the bottom of the economy." Oxfam accused governments of failing to collect revenues that could help lift the responsibility of care from women, tackling poverty and inequality and under-taxing the wealthiest individuals and corporations. Governments are also underfunding vital public services and infrastructure that could help reduce the workload of this demographic, the report said. As per the global survey, 22 richest men in the world have more wealth than all the women in Africa. Women and girls undertake 12.5 billion hours of unpaid care work every single day, which contributes to the global economy of at least USD 10.8 trillion a year - three times the size of the global tech industry. If the richest were to pay 0.5 per cent of extra tax on their wealth over the next 10 years, it would equal the investment needed to create 117 million jobs in sectors such as child care, education, health and elderly care. Prioritising care as much as other sectors is a must for governments to build economies that work for everyone, not just a fortunate few, Mr Behar said. Oxfam claims that its calculations are based on the latest data sources available, citing research from the Credit Suisse Research Institute's Global Wealth Databook 2019 and Forbes 2019 Billionaires List.

Wealth inequality in India: A maid would need to work for 22,277 years to earn as much as a top CEO

The year 2019 saw major automobile manufacturers cutting down on production. To understand the outlook on the slowdown of the auto sector and the expectations from Budget 2020, WION's Sumit Chaturvedi spoke to Mahindra and Mahindra group president Anish Shah in Davos at the World Economic Forum.

WION's exclusive conversation with Mahindra & Mahindra's Anish Shah

The annual meeting of the World Economic Forum is underway in Davos - and WION is reporting from the heart of the action.

Gravitas: The Davos Summit: What happened on day three

While the world leaders have gathered in Davos for the World Economic Forum 2020 to work towards a cohesive and sustainable world. Climate activists and protestors took to the streets in Davos after US President Donald Trump delivered his keynote address. US President Donald Trump has decried climate "prophets of doom" in a speech at the World Economic Forum in Davos, where sustainability is the main theme. Watch report:

Climate activists protest at Davos, Call for action on climate change

Pakistan Prime Minister Imran Khan addressed the World Economic Forum 2020 at Davos, where he ironically coined the phrase "sour relations with India'. Imran said that straining ties have had a major impact on trade relations as well. Ironically the Pakistan PM has used this phrase as Islamabad continues to shield the terrorists. Defending Pakistan he said that even today there is no terrorism in Pakistan.

WEF 2020: Pakistan PM Imran Khan speaks on India-Pakistan relationship, Calls them "sour"

World leaders gathered in Davos for the World Economic Forum 2020 to work towards a cohesive and sustainable world. Climate activists and protestors took to the streets in Davos after US President Donald Trump delivered his keynote address. WION speaks to industry leaders. #WION #Fineprint #WEF #WEF2020

Fineprint: WION speaks to industry leaders at World Economic Forum 2020

World leaders gathered in Davos for the World Economic Forum 2020 to work towards a cohesive and sustainable world. Climate activists and protestors took to the streets in Davos after US President Donald Trump delivered his keynote address. US President Donald Trump has decried climate "prophets of doom" in a speech at the World Economic Forum in Davos, where sustainability is the main theme.

Climate change tops agenda at 50th World Economic Forum

WION talk to world leaders at 50th World Economic Forum

World leaders gathered in Davos for the World Economic Forum 2020 to work towards a cohesive and sustainable world. Climate activists and protestors took to the streets in Davos after US President Donald Trump delivered his keynote address. Commerce and Industry Minister of India Piyush Goyal spoke at 50th World Economic Forum. Piyush Goyal said that India won't engage with Regional Comprehensive Economic Partnership (RCEP) unless there is greater transparency.

WION Dispatch: Piyush Goyal speaks at World Economic Forum

Decarbonisation is the name of the game for the next ten years and the world is still not doing enough to fight climate change, international scientists said on the sidelines of the World Economic Forum (WEF) in Davos on Monday (January 20).

Decarbonisation is name of the game, climate experts tell Davos leaders

Afghan President Mohammad Ashraf Ghani described his relationship with U.S. President Donald Trump as "excellent" during a speech at the World Economic Forum in Davos on January 22. Ghani said he is one of the few leaders that has such a relationship with Trump, who he said engages in "disruptive change".

Afghanistan's Ghani says relationship with Trump is 'excellent'

The Indian Budget 2020 is just around the corner and the Indian economy is facing an unprecedented slowdown. WION's Sumit Chaturvedi caught up with Mahindra & Mahindra CEO Pawan Kumar Goenka at the World Economic Forum at Davos to understand his point of view of the economy and expectations from the annual budget.

WION exclusive conversation with Mahindra & Mahindra CEO Pawan Kumar Goenka

Speaking world leaders on how climate change needs immediate attention.

WION's exclusive conversation with world leaders on climate change

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