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Richest 1% bag two-thirds of $42 trillion in new wealth: Oxfam | Business and Economy

The charity calls for a tax increase on the rich as the World Economic Forum gathers for its annual meeting in Davos, Switzerland.

Oxfam said in a new report released to coincide with the World Economic Forum’s annual meeting in Davos, Switzerland, the top 1% of the world’s richest people hold nearly two-thirds of the 42k billion dollars in new assets created since 2020.

According to Oxfam’s “Survival of the Richest” report released Monday, the share is almost double what the bottom 99% of the population receives.

Billionaires’ wealth is growing by $2.7 billion a day, the report says, while at least 1.7 billion workers now live in countries where inflation is outpacing wages.

At the same time, half of the world’s billionaires live in countries where there is no inheritance tax on direct descendants, Oxfam said, putting them on track to pass on $5 trillion to their heirs, many than Africa’s gross domestic product (GDP).

Oxfam says a 5% tax on the world’s millionaires and billionaires could generate $1.7 trillion a year, enough to lift 2 billion people out of poverty.

“While ordinary people are making daily sacrifices for essentials like food, the super rich have surpassed even their wildest dreams. Just two years later, this decade is shaping up to be the best decade for billionaires — a wild explosion of the world’s richest people over the decade, said Gabriela Bucher, chief executive officer of Oxfam International. 20.

“Taxing the super-rich and big corporations is the way out of today’s overlapping crises. It’s time we debunk the convenience myth that tax cuts for the richest lead to their wealth somehow ‘dripping’ on to everyone else. Forty years of tax cuts for the super-rich have shown that rising tides don’t lift all ships – just superyachts.”

The World Economic Forum’s annual meeting in Davos, Switzerland, brings together global political and business leaders to discuss political and economic issues of global concern.

The summit, which runs from Monday to Friday, will be attended by 52 heads of state and nearly 600 CEOs.



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