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Richest 1% hold two-thirds of $42 trillion in new wealth: Oxfam

The world’s one percent super-rich people hold two-thirds of the $42 trillion in new wealth created since 2020.

Oxfam, an international charity organization, disclosed this today in its new report. Oxfam released the report on the occasion of the annual meetings of the World Bank Forum in Davos, Switzerland.

Dollar Background

The share was almost twice as much money as the amount obtained by the bottom 99 percent of the world’s population, according to Oxfam’s report “Survival of the Richest” released on Monday (Jan 16).

Every day, fortunes of Billionaires are growing by $2.7 billion while 1.7 billion workers are living in countries where inflation is outpacing wages.

Meanwhile, 50 percent of the world’s billionaires are living in countries which do no levy inheritance tax for direct descendants.

According to Oxfam, billionaire will pass on $5 trillion to their heirs and it will be over and above the GDP of Africa.

Oxfam suggested a 5 percent tax on the world’s multi-millionaires and billionaires. With this tax, countries can generate $1.7 trillion a year that will be enough to lift two billion people out of poverty.

Executive Director of Oxfam, Gabriela Bucher called the findings of the report “shocking” and urged the world to take urgent measures to support tens of millions of people living in poverty.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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