Top 1%'s Wealth Grew by $42 Trillion in Last Decade: Oxfam Report

Post by : Dr. Amrinder Pal Singh

The world's richest 1% increased their wealth by $42 trillion over the past decade, nearly 34 times more than the entire bottom 50% of the global population, according to a new analysis by Oxfam. The organization released this report ahead of the third meeting of G20 Finance Ministers and Central Bank Governors in Brazil. It revealed that the elite's average net worth surged by nearly $400,000 per person, adjusted for inflation, compared to just $335 for the bottom half of residents.

"Inequality has reached obscene levels, and governments have failed to protect people and the planet from its catastrophic effects," said Max Lawson, Oxfam International's Head of Inequality Policy. "The richest 1% of humanity continue to fill their pockets while the rest scrap for crumbs," he added.

Oxfam's research also found that the share of income for the top 1% of earners in G20 countries has risen by 45% over four decades, while top tax rates on their incomes were cut by roughly a third.

"Globally, billionaires have been paying a tax rate equivalent to less than 0.5% of their wealth. Their fortunes have risen by an average of 7.1% annually over the last four decades. An annual net wealth tax of at least 8% would be needed to reduce billionaires' extreme wealth. G20 countries are home to nearly four out of five of the world's billionaires," the report stated.

This latest analysis comes as Oxfam, along with several partners, is urging G20 leaders to hike taxes on the ultra-rich.

Additionally, as part of its G20 presidency, the Brazilian government recently commissioned a study on raising taxes on the wealthy. It found that a 2% minimum tax on global billionaires' wealth would yield between $200 billion and $250 billion from about 3,000 taxpayers annually.

"The momentum to increase taxes on the super-rich is undeniable. This week is the first real litmus test for G20 governments. Do they have the political will to establish a global standard that prioritizes the needs of the many over the greed of an elite few?" Mr. Lawson questioned.

Notably, Oxfam regularly publishes reports highlighting global inequality and advocates for changes to level the playing field.

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