Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian state TV: Iranian drones on their way to the occupied territories
IRGC Chief of Staff, Abdolrahim Mousavi: The Iranian nation has proven its resolve, never surrendering in the face of aggression
IRGC spokesperson: This operation will continue and will destabilize the occupation regime
IRGC spokesperson: The 19th wave of Operation True Promise 3 put the Israeli regime's overwhelmed defense system on alert
Al Mayadeen correspondent in Iran: A new wave of Iranian missiles has been launched toward the occupied Palestinian territories.
Yemeni Armed Forces: The battle is the battle of the entire Ummah and for its salvation.
Yemeni Armed Forces: We cannot tolerate any US attack or aggression in support of the Israeli enemy against Iran because it means the confiscation of the freedom, independence, and dignity of our nation.
Yemeni Armed Forces: The Israeli enemy seeks complete control over the region and implements the Zionist plan with open American support.
Yemeni Armed Forces: We affirm Yemen's principled position in rejecting the Zionist aggression against our brothers in Gaza, Lebanon, Syria, and any Arab or Islamic country.
Yemeni Armed Forces: We affirm our readiness to participate in targeting US ships and warships in the Red Sea if the US attacks Iran.

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

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Jan 2023 10:18
3 Min Read

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

  • x
  • '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

Most Read

Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran’s Bavar-373 air defense system on display during a military drill (Mehr News Agency)
Politics

Iran intercepts Israeli drones near Tehran, multiple cities

The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Occupied Palestine, Sunday, June 15, 2025 (AP)
Politics

Iran warns aid to 'Israel' will be treated as aggression

US President Donald Trump arrives to board Air Force One at Joint Base Andrews, Friday, June 20, 2025, en route to Montclair, New Jersey (AP)
Politics

Trump, Erdogan made covert attempts to hold talks with Iran: Axios

Ansar Allah supporters surround a giant Iranian flag during an anti-US and anti-'Israel' weekly rally in Sanaa, Yemen, Friday, June 20, 2025 (AP)
Politics

US ships in Red Sea will be targeted if US attacks Iran: YAF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

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