[Taxes must be increased for the ultra-rich as a “strategic
precondition to reducing inequality and resuscitating democracy,”
Gabriela Bucher, executive director of Oxfam International said.]
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THE RICHEST 1% OF PEOPLE AMASSED ALMOST TWO-THIRDS OF NEW WEALTH
CREATED IN THE LAST TWO YEARS, OXFAM SAYS  
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Sophie Kiderlin
January 16, 2023
CNBC
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_ Taxes must be increased for the ultra-rich as a “strategic
precondition to reducing inequality and resuscitating democracy,”
Gabriela Bucher, executive director of Oxfam International said. _

Wall Street, by Sjoerd van Oosten (CC BY-NC-ND 2.0)

 

Over the last two years, the richest 1% of people have accumulated
close to two-thirds of all new wealth created around the world, a new
report from Oxfam
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A total of $42 trillion in new wealth has been created since 2020,
with $26 trillion, or 63%, of that being amassed by the top 1% of the
ultra-rich, according to the report. The remaining 99% of the global
population collected just $16 trillion of new wealth, the global
poverty charity says.

“A billionaire gained roughly $1.7 million for every $1 of new
global wealth earned by a person in the bottom 90 percent,” the
report, released as the World Economic Forum kicks off in Davos,
Switzerland, reads.

It suggests that the pace at which wealth is being created has sped
up, as the world’s richest 1% amassed around half of all new wealth
over the past 10 years.

Oxfam’s report analyzed data on global wealth creation from Credit
Suisse, as well figures from the Forbes Billionaire’s List and the
Forbes Real-Time Billionaire’s list to assess changes to the wealth
of the ultra-rich.

The research contrasts this wealth creation with reports from
the World Bank
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which said in October 2022 that it would likely not meet its goal of
ending extreme poverty by 2030
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the Covid-19 pandemic slowed down efforts to combat poverty.  

Gabriela Bucher, executive director of Oxfam International, called for
taxes to be increased for the ultra-rich, saying that this was a
“strategic precondition to reducing inequality and resuscitating
democracy.”

In the report’s press release, she also said changes to taxation
policies would help tackle ongoing crises around the world.

“Taxing the super-rich and big corporations is the door out of
today’s overlapping crises. It’s time we demolish the convenient
myth that tax cuts for the richest result in their wealth somehow
‘trickling down’ to everyone else,” Bucher said.

Coinciding crises around the world that feed into each other and
produce greater adversity together than they would separately are also
referred to as a “polycrisis.” In recent weeks, researchers,
economists and politicians have suggested that the world is currently
facing such a crisis
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pressures from the cost-of-living crisis, climate change, and other
pressures are colliding.

* economic inequality
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* Billionaires
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* Oxfam
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