Since 2020, inequality between the world’s richest and poorest has widened, according to Oxfam, which called for taxes on the wealthy.
Billionaires worldwide added a total of $3.3 trillion to their net worth since 2020, according to a report by Oxfam, outpacing the inflation rate by three times. This includes the five richest individuals who saw their net worth surge 114 percent to $869 billion. In contrast, nearly five billion people were poorer during this period.
«If current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years,» said a statement on the report entitled «Inequality Inc.».
Rich Tax
According to the report, the widening wealth gap is being driven by corporate power with a «sustained and highly effective war on taxation». Suggestions include a tax on the super-rich and corporations as well as other measures like capped CEO pay or the break-up of private monopolies.
«No corporation or individual should have this much power over our economies and our lives – to be clear, nobody should have a billion dollars,» said Oxfam International interim executive director Amitabh Behar.
