Enough to end annual global poverty 22 times over…
The world’s 3,000 billionaires have seen their collective wealth grow by $6.5 trillion in real terms over the past decade, according to a new report by Oxfam. The charity says the richest 1% globally gained $33.9 trillion—enough to end annual global poverty 22 times over.
Oxfam highlighted that private wealth has grown eight times faster than government wealth between 1995 and 2023. “This government is in danger of careering way off course on international development,” said Rachel Noble, senior policy adviser at Oxfam. “The government must fairly tax the trillions… locked away in the bank accounts of the super-rich.”
A push for a minimum 2% global tax on billionaires was supported last year by Spain, Brazil, Germany, and South Africa. French economist Gabriel Zucman estimates such a tax could raise up to $250 billion.
Oxfam also found that billionaires in the UK pay an effective tax rate of just 0.3%, and 86% of people support closing tax loopholes to fund public services.