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Wealth of global top 1% grew by $42 trillion over past decade: Oxfam
Key Excerpts from Article on Website of CNN News
Posted: August 5th, 2024
https://www.cnn.com/2024/07/25/economy/wealth-tax-super-rich...
The top 1% has seen its wealth soar by $42 trillion over the past decade, according to a new analysis by Oxfam International, which is being released ahead of the G20 finance ministers and central bank governors’ meeting in Brazil. That’s nearly 34 times more than the bottom 50% of global population. The average net worth of the elite jumped by nearly $400,000 per person, after adjusting for inflation, compared to $335 for the bottom half of residents. “Inequality has reached obscene levels, and until now governments have failed to protect people and planet from its catastrophic effects,” said Max Lawson, Oxfam International’s head of inequality policy. “The richest one percent of humanity continues to fill their pockets while the rest are left to scrap for crumbs.” As part of its G20 presidency, the Brazilian government recently commissioned a study on raising taxes on the wealthy. The report, prepared by French economist and inequality expert Gabriel Zucman, found that a 2% minimum tax on global billionaires’ wealth would yield between $200 billion and $250 billion from about 3,000 taxpayers annually. According to the EU Tax Observatory ... the super-rich in big countries pay a far smaller share of their income in taxes than ordinary people. Plus, their wealth is taxed at effective rates of just 0%-0.5%. Finance officials from the world’s biggest countries began talks earlier this year on introducing a global minimum tax on billionaires.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial inequality from reliable major media sources.
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