Rio de Janeiro: The world’s wealthiest one percent have seen their fortunes swell by a staggering $42 trillion over the past decade, according to a recent report by Oxfam. The non-governmental organization highlighted that this massive accumulation of wealth comes as taxes on the rich have plummeted to historic lows, exacerbating global inequality.
Oxfam’s findings will be a central focus at the upcoming G20 summit in Brazil, where finance ministers are set to debate measures to address this growing disparity. The summit, held in Rio de Janeiro, will explore strategies to tax billionaires and other high-income earners more effectively. Countries such as France, Spain, South Africa, Colombia, and the African Union support the initiative, while the United States remains opposed.
The report underscores a stark contrast: while the wealth of the richest has soared, billions around the world continue to struggle for basic resources. Oxfam noted that the $42 trillion accumulated by the top one percent is nearly 36 times greater than the wealth held by the poorer half of the global population. Moreover, the organization pointed out that billionaires, on average, pay a tax rate of less than 0.5% of their wealth.
Oxfam International’s head of inequality policy, Max Lawson, called the situation a “real litmus test for G20 governments,” urging them to adopt a global standard that prioritizes the needs of the many over the greed of a wealthy few. The NGO advocates for an annual net wealth tax of at least eight percent on the “extreme wealth” of the super-rich.
As the G20 nations represent 80% of the world’s GDP and are home to nearly four out of five of the world’s billionaires, the decisions made at this summit could have significant global repercussions. The discussions and potential agreements reached this week will be closely watched as a measure of the international community’s willingness to tackle economic inequality.
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