Listening
Unlocking Word Meanings
Read the following words/expressions found in today’s article.
- elite / ɪˈlit / (n.) – a person who is part of a small, powerful, or wealthy group in society
Example:The elites of the business world often meet at exclusive events to discuss strategies.
- crop up / krɒp ʌp / (phrasal v.) – to happen or appear, often in a way that is not expected
Example:New opportunities will crop up as the company expands into other markets.
- lingering / ˈlɪŋ ɡər ɪŋ / (adj.) – describing something that is staying or lasting for a long time, especially when it is not wanted
Example:The lingering effects of the bad economy made it hard for many businesses to recover.
- confab / ˈkɒn fæb / (n.) – a discussion or exchange of views about a topic or issue, usually informal
Example:During their lunch break, the employees had a confab about the upcoming changes at work.
- wane / weɪn / (v.) – to become weaker, smaller, or less important over time
Example:The excitement around the new movie is waning as people start to focus on other upcoming releases.
Article
Read the text below.
Billionaires’ wealth grew three times faster in 2024 than the year before, while the number of the world’s poor has barely changed over the last quarter-century, a top anti-poverty group reported in January.
Oxfam International, in its latest assessment of global inequality timed for an annual gathering of elites in Switzerland, also predicts at least five trillionaires will crop up over the next decade—a year after forecasting that one would appear over that span.
The sharp-edged report came as the World Economic Forum in January hosted some 3,000 people including business executives, government and civic group leaders, academics, and others at its annual meeting in Davos.
“It’s not about one specific individual. It’s the economic system that we have created where the billionaires are now pretty much being able to shape economic policies, social policies, which eventually gives them more and more profit,” said Amitabh Behar, executive director of Oxfam International.
Oxfam said billionaire wealth grew by $2 trillion last year, or roughly $5.7 billion a day, three times faster than in 2023. The number of billionaires rose by 204 to 2,769, and the 10 richest men saw their wealth rise nearly $100 million a day on average, it said.
Citing World Bank data, the group pointed to lingering poverty, saying the number of people living on less than $6.85 per day has “barely changed” since 1990. Oxfam used Forbes’ Real-Time Billionaire List as of end-November for data on the ultra-rich.
Despite the growing gap between the über-rich and the poor, the annual Davos confab that formally began on January 20 appeared set to focus this year as much as ever on making money and doing deals, with strongman leaders on the rise in some Western countries and progressive causes like diversity and climate change waning in the business world.
The continued rise of artificial intelligence as a tool for businesses to reap greater efficiencies was a central theme in Davos again this year, despite worries in many sectors that it could upend many white-collar jobs and displace workers in an array of industries.
This article was provided by The Associated Press.
Viewpoint Discussion
Enjoy a discussion with your tutor.
Discussion A
- The annual Davos meeting focuses on business and economic growth, despite rising inequality. Do you think gatherings like the one in Davos help solve global problems or just benefit the wealthy? Why do you say so? What topics do you think world leaders should prioritize in events like these? Discuss.
- Some experts say billionaires can influence economic and social policies to benefit themselves. Do you think these elites should be included in decisions about social policies? Why or why not? Who do you think should make these decisions and why? Discuss.
Discussion B
- Billionaires’ wealth grew three times faster in 2024, while poverty levels have barely changed since 1990. Why do you think the gap between the rich and the poor keeps growing? What do you think are some reasons why poverty has been so difficult to solve globally? Discuss.
- Oxfam International predicts at least five trillionaires will crop up over the next decade. How do you feel about the possibility of trillionaires existing while poverty remains? In your opinion, should there be limits on how much wealth a person can accumulate? Why or why not? Discuss.
