Oxfam reveals world’s richest 1 per cent gained $42 trillion over the past decade

PARIS: The world’s wealthiest one percent have amassed an additional $42 trillion over the past decade, according to a report by Oxfam released on Thursday.

This revelation comes ahead of the G20 summit in Brazil, where the taxation of the super-rich is set to be a central topic.

Despite this substantial increase in wealth, Oxfam highlighted that taxes on the affluent have fallen to “historic lows”. The NGO expressed concern over the “obscene levels” of inequality, suggesting that the rest of the global population is left to “scrap for crumbs”.

Brazil, which holds the G20 presidency this year, has prioritised international cooperation on taxing the ultra-wealthy.

The G20, representing 80 percent of the world’s GDP, will meet in Rio de Janeiro this week to discuss strategies for increasing taxes on billionaires and preventing them from evading tax systems.

The discussions will focus on developing methodologies for taxing high-income earners effectively.

The proposal for higher taxes on the super-rich is anticipated to be a major point of contention at the summit, with France, Spain, South Africa, Colombia, and the African Union supporting the initiative, while the United States is expected to oppose it.

Oxfam has described this debate as a “real litmus test” for G20 governments, urging them to introduce an annual net wealth tax of at least eight percent on extreme wealth.

Max Lawson, head of inequality policy at Oxfam International, emphasised the growing momentum for increased taxation on the ultra-wealthy and questioned whether there is sufficient political will to establish a global standard that prioritises the needs of the many over the greed of a privileged few.

The report also revealed that the $42 trillion figure is nearly 36 times greater than the wealth accumulated by the poorer half of the world’s population.

Despite this, billionaires globally are paying a tax rate of less than 0.5 percent of their wealth, Oxfam noted. Nearly four out of five of the world’s billionaires reside in G20 countries.

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