Davos wouldn’t be Davos without policymakers announcing shiny new promises to tackle global inequality.
And yet each new session of the World Economic Forum provides further evidence that inequality is growing by leaps and bounds. On Monday, Oxfam released a report claiming that the richest 1% have amassed nearly two-thirds of all new wealth, $42 trillion worth, created since the start of the pandemic.
On Wednesday, it was the U.S. Agency for International Development Administrator Samantha Power’s turn, unveiling a pledge to provide $50 million to a new Enterprises for Development, Growth and Empower Fund. The EDGE Fund aims to promote private public-private partnerships to spur investment in low- and middle-income countries.
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About the author
Colum Lynch
Colum Lynch is an award-winning reporter and Senior Global Reporter for Devex. He covers the intersection of development, diplomacy, and humanitarian relief at the United Nations and beyond. Prior to Devex, Colum reported on foreign policy and national security for Foreign Policy Magazine and the Washington Post. Colum was awarded the 2011 National Magazine Award for digital reporting for his blog Turtle Bay. He has also won an award for groundbreaking reporting on the U.N.’s failure to protect civilians in Darfur.
