• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. Richest 1% pocketed two-thirds of new wealth, prompts calls for taxes
US & Canada

Richest 1% pocketed two-thirds of new wealth, prompts calls for taxes

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Jan 10:18

Oxfam analysis reveals that $26 trillion in new wealth has been created since the outbreak of the pandemic.

  • 'More Yemeni children will die with every day that passes without action,' the UN warned (Reuters)
    'More Yemeni children will die with every day that passes without action,' the UN warned (Reuters)

Oxfam has urged for quick action to address a post-Covid widening in global inequality after showing that the richest 1% have collected nearly two-thirds of the additional wealth amassed since the start of the pandemic.

The charity stated in a report released to coincide with the annual gathering of the global elite at the World Economic Forum in Davos that the wealthy had collected $26 trillion in new wealth up to the end of 2021. That accounted for 63% of total new wealth, with the remaining 99% of people receiving the remainder.

For the first time in a quarter-century, the rise in extreme wealth is being followed by an increase in extreme poverty, and it is calling for higher taxes on the super-rich, Oxfam reported.

Policies implemented to mitigate the economic impact of Covid 19 - such as interest rate cuts and the money creation process known as quantitative easing - increased the value of property and shares, which are typically owned by the wealthy.

According to the report, each billionaire received over $1.7 million for every $1 of additional global wealth earned by a person in the bottom 90% during the last two years. Despite minor declines in 2022, the aggregate fortune of billionaires climbed by $2.7 billion each day. The pandemic gains followed a decade in which the number and wealth of billionaires had surged.

On his account, Danny Sriskandarajah, the chief executive of Oxfam GB, stated that “the current economic reality is an affront to basic human values. Extreme poverty is increasing for the first time in 25 years and close to a billion people are going hungry but for billionaires, every day is a bonanza."

“Multiple crises have pushed millions to the brink while our leaders fail to grasp the nettle – governments must stop acting for the vested interests of the few," he added.

The chief executive further questioned, “How can we accept a system where the poorest people in many countries pay much higher tax rates than the super-rich? Governments must introduce higher taxes on the super-rich now.”

The report also highlighted that extreme wealth concentrations resulted in weaker growth, eroded democracy, and exacerbated political corruption. According to the organization, the super-rich were major contributors to the global issue, with a billionaire producing a million times more carbon than the typical person. 

The report urged countries to impose one-time wealth taxes on the top 1%, as well as windfall taxes, to curb profiteering amid the global cost of living crisis. As a result, rich-person taxes should be raised permanently, with higher rates for multimillionaires and billionaires.

  • super rich
  • Davos Economic Forum
  • Wealth Inequality
  • Oxfam

Trending Now

All
Cargill plant in Venezuela.

Food & energy fortunes grew by $453 bln during pandemic, war

Most Read

US dollar may lose status as global reserve currency: Yellen

US dollar may lose status as global reserve currency: Yellen

  • US & Canada
  • 22 Mar
Ukrainian President Volodymyr Zelensky speaks at a press conference on 25, February, 2022. (AFP)

Kiev unable to launch counteroffensive: Zelensky

  • Europe
  • 25 Mar
Europe's move has only increased Putin’s esteem outside the West -- but estimation of Europe’s political nous and understanding of Russia, however, is sharply diminished.

Lawfare Comes into Fashion: The New Geo-political ‘Rack’

  • Analysis
  • 25 Mar
President Joe Biden listens as German Chancellor Olaf Scholz speaks during a meeting in the Oval Office of the White House in Washington, Friday, March 3, 2023 (AP).

Hersh: Nord Stream explosion decision possibly 'anger' or 'punishment

  • US & Canada
  • 25 Mar

Read this

All
Ukrainian tank crews look at a depleted uranium shell. (YouTube)
Europe

UK instructs Kiev troops on depleted uranium ammo use: Declassified UK

  • 28 Mar
Kiev's counteroffensive in spring to be 'decisive': US army secretary
Europe

Kiev's counteroffensive in spring to be 'decisive': US SECARMY

  • Today
Israelis protest against plans by Prime Minister Benjamin Netanyahu's government to overhaul the judicial system in 'Bnei Brak' near 'Tel Aviv', occupied Palestine, March 23, 2023 (AP)
Palestine

Israeli opposition: protests will continue

  • Today
US troops patrol in their military vehicles near the Syrian border on 17 December 2020 (Reuters)
MENA

Biden officials say less strikes on Syria to come for meantime: NYT

  • 28 Mar
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS