In a recent report from Oxfam, it has been revealed that over the past two years, close to two-thirds of all new wealth created worldwide – have gone exclusively to the wealthiest 1%. This is a profoundly disheartening truth and emphasizes the widening gap between those at the top and everyone else.
A total of $42 trillion of new wealth has been created since 2020 and ‘only’ $26 trillion is held by a slim 1% at the top of the ultra-rich. The remaining 99% of the world’s population earned $16 trillion in new wealth, according to the statistics documented in the report.
“A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent,” the report reads, noting that the wealthy 1% has accumulated over 50% of all new wealth in the last decade.
Oxfam’s report examined findings from Credit Suisse, Forbes Billionaire’s List and the Forbes Real-Time Billionaire’s list to evaluate how wealth has changed for those at the ultra-rich level.
In stark contrast to the $42 trillion in new wealth creation, the World Bank’s report in October 2022 suggested that it would likely not meet its goal of ending extreme poverty by 2030 as Covid-19 had slowed down progress.
In order to reduce inequality and revive democracy, Gabriela Bucher – the executive director of Oxfam International – strongly advocated for higher taxes on the super wealthy.
In her statement to the press, Bucher advocated for changes to taxation policies in order to help address the ongoing global crises.
Oxfam’s executive stressed that it’s time to dispel the false notion that tax cuts for high-income earners will somehow benefit all of society. Furthermore, she noted that we need to recognize that increased taxation on large corporations and wealthy individuals is a sensible way to address ‘today’s overlapping crises.”
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