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69 of the richest 100 bodies in the world are corporations

Research by Global Justice Now finds companies like Walmat, Apple and Shell accrued more money than countries like Russia, Belgium and Sweden

THE majority of the richest bodies in the world are transnationals, not governments, poverty campaigners said today.

Research by Global Justice Now, an umbrella group for more than 250 community organisations and pressure groups campaigning for social justice, found that 69 of the richest 100 entities are corporations.

The top 10 corporations brought in a combined wealth of more than £2.3 trillion in the past year, it found.

The most recent figures show a continued trend where corporations are rapidly outstripping nations financially. Walmart, Apple and Shell all accrued more wealth than developed countries such as Russia, Belgium and Sweden last year.

The figures have been released to put pressure on Prime Minister Theresa May to stand up to corporations at the upcoming United Nations summit at Geneva.

The aim is to secure a binding UN treaty to force transnationals to abide by human rights and other ethical responsibilities. The treaty would be enforced at a national and global level in order to balance out the vast inequalities in the global economy.

Such a treaty is supported by Ecuador, South Africa and many other developing countries, but Britain is considered to be hostile to it.

Global Justice Now director Nick Dearden said: “The vast wealth and power of corporations is at the heart of so many of the world’s problems like inequality and climate change.

“The drive for short-term profits today seems to trump basic human rights for millions of people on the planet.

“Yet there are very few ways that citizens can hold these corporations to account for their behaviour.

“The UK government has facilitated this rise in corporate power, through tax structures, trade deals and even aid programmes that help big business.

“That’s why today we’re joining campaigns from across the world to tell the British government not to block this international demand for justice.”

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