Wealth of the richest 1% globally surged by a staggering $42 trillion in the last decade, according to a recent report by Oxfam.
The $42 trillion amassed by the ‘richest’ is nearly 36 times greater than the wealth accumulated by the poorest half of the world’s population. Despite this, billionaires globally have been paying taxes amounting to less than 0.5% of their wealth, Oxfam noted.
Nearly 80% of the world’s billionaires reside in G20 countries.
Oxfam further highlighted that, despite this massive increase in wealth, taxes on the affluent have dropped to unprecedented lows, contributing to severe inequality where the majority struggle to survive on meagre resources.
The development comes ahead of the G20 summit in Brazil. As per the reports, this time the G20 will focus on imposing higher taxes on the ultra-wealthy and is poised to address this growing disparity.
Nearly 80% of the world’s billionaires reside in G20 countries.
Oxfam described the summit as a ‘real litmus test for G20 governments’, urging them to implement an annual net wealth tax of at least 8% on the ultra-wealthy.
Max Lawson, head of inequality policy at Oxfam International, emphasised the growing momentum to increase taxes on the super-rich, questioning whether governments have the political will to establish a global standard prioritising the many over the few.
Earlier this month, Oxfam also criticised rich nations for overstating their climate finance contributions to developing countries.
Although these countries claimed to provide almost $116 billion in climate finance in 2022, the actual support was no more than $35 billion, with a significant portion in the form of loans at profitable rates, exacerbating the debt of already burdened nations.