Oxfam Report: $42 Trillion Accumulated by the Wealthiest 1% Over the Past Decade

Over the past decade, the world’s richest 1% have amassed an additional $42 trillion, according to a recent report by Oxfam. The non-governmental organization highlighted that taxes on the wealthy have fallen to “historic lows,” exacerbating global inequality and leaving the majority to contend with limited resources.

Oxfam’s report revealed that the $42 trillion accumulated by the richest 1% is nearly 36 times the wealth held by the poorer half of the global population. Despite this disparity, billionaires have been paying tax rates equivalent to less than 0.5% of their wealth worldwide. Oxfam also noted that nearly four out of five of the world’s billionaires reside in G20 nations.

This issue is set to be a major topic at the upcoming G20 summit in Brazil, which has prioritized international cooperation on taxing the super-rich during its presidency of the G20, a group representing 80% of the world’s GDP.

During this week’s summit in Rio de Janeiro, G20 finance ministers will discuss raising taxes on the ultra-wealthy and preventing billionaires from evading tax systems. The initiative aims to develop methods for taxing billionaires and other high-income earners.

The proposal is expected to spark intense debate at the summit on Thursday and Friday. Countries like France, Spain, South Africa, Colombia, and the African Union support the initiative, while the United States opposes it.

Oxfam has described this as a “real litmus test for G20 governments,” urging them to implement an annual net wealth tax of at least 8% on the “extreme wealth” of the super-rich. Max Lawson, Oxfam International’s head of inequality policy, emphasized the importance of this initiative, stating, “Momentum to increase taxes on the super-rich is undeniable. Do they have the political will to strike a global standard that puts the needs of the many before the greed of an elite few?”

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