The richest 1 percent have bagged nearly twice as much wealth as the rest of the world population put together over the past two years, a new report said on Monday. In its annual inequality report released on the first day of the World Economic Forum Annual Meeting, rights group Oxfam further said that; billionaire fortunes are increasing by USD 2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation is outpacing wages.
Releasing the report on the sidelines of the annual congregation of the global elite in this Swiss ski resort town. Oxfam said a tax of up to 5 percent on the world’s multi-millionaires and billionaires could raise USD 1.7 trillion a year, enough to lift two billion people out of poverty.
‘Survival of the Richest’ said the richest one percent have grabbed nearly two-thirds of all new wealth.
The report, titled ‘Survival of the Richest’, further said the richest one percent have grabbed nearly two-thirds of all new wealth worth USD 42 trillion created since 2020. Almost twice as much money as the bottom 99 percent of the world’s population. During the past decade, the richest 1 percent had captured around half of all new wealth. It added while noting that extreme wealth and extreme poverty have increased simultaneously for the first time in 25 years.
“While ordinary people are making daily sacrifices on essentials like food, the super-rich have outdone even their wildest dreams. Just two years in, this decade is shaping up to be the best yet for billionaires,” Oxfam International Director Gabriela Bucher said During the pandemic and cost-of-living crisis years since 2020, USD 26 trillion (63 percent) of all new wealth was captured by the richest 1 percent. While USD 16 trillion (37 percent) went to the rest of the world put together, according to the Oxfam study.