Oxfam: The Wealthiest 1% of the World's Population Accumulated $42 Trillion Over the Past Decade

Oxfam, the international relief organization, announced ahead of the G20 summit in Brazil, where one of the main topics will be taxing the super-rich, that the wealth of the wealthiest 1% of the world's population has increased by a total of $42 trillion over the past decade. According to this NGO, despite this windfall, the taxes paid by the world's richest individuals during this time have historically and unprecedentedly decreased, exacerbating inequalities. Brazil, during its presidency of the G20, which includes countries accounting for 80% of the world's gross national product, has initiated extensive international cooperation to tax the super-rich. It is expected that in a meeting this week in Rio de Janeiro, the finance ministers of this group will reach agreements on ways to increase taxes on the super-rich and prevent tax evasion by billionaires. These agreements will include determining methods for taxing billionaires and other high-income individuals. Brazil's proposal is set to be discussed at the meeting on Thursday and Friday, and while France, Spain, South Africa, Colombia, and the African Union support it, the United States has firmly opposed it. Oxfam considers this proposal a major test for the G20 member governments and has urged them to impose at least an 8% annual wealth tax on the super-rich. Max Lawson, an Oxfam official, stated, 'The current momentum and urgency for increasing taxes on the wealthy is undeniable. Do they have the political will to create a global standard that prioritizes the needs of people over the greed of a few elites?' Oxfam claims that the $42 trillion in assets held by the wealthiest 1% is nearly 36 times greater than the wealth of half of the world's poorer population. According to Oxfam, billionaires, despite such wealth, pay less than 0.5% of their wealth in taxes worldwide.