January 24, 2023

Two-thirds of the new wealth created in the last two years is amassed by 1% richest people in the World, Oxfam reports

According to a recent Oxfam research, the richest 1% of individuals have amassed over two-thirds of all new wealth produced throughout the world over the previous two years.

According to the research, $42 trillion in new wealth has been created since 2020, with the top 1% of the ultra-rich amassing $26 trillion, or 63% of that total. According to the global poverty charity, the other 99% of the world’s population received just $16 trillion in new wealth.

“A billionaire acquired over $1.7 million for every $1 of new global wealth created by a person in the bottom 90%,” according to the research, which was issued as the World Economic Forum convened in Davos, Switzerland.

It implies that the rate of wealth creation has accelerated, with the world’s richest 1% amassing over half of all new wealth over the last decade.

Oxfam’s study analyzed Credit Suisse statistics on global wealth creation, as well as information from the Forbes Billionaire’s List and the Forbes Real-Time Billionaire’s List, to measure changes in the super-duper rich’s

The study contrasts this wealth generation with reports from the World Bank, which stated in October 2022 that it would most likely not accomplish its target of eradicating extreme poverty by 2030 due of the Covid-19 epidemic, which hampered poverty-fighting efforts.

Oxfam International executive director Gabriela Bucher advocated for higher taxes on the ultra-rich, calling it a “strategic prerequisite to decreasing inequality and resuscitating democracy.”

In the report’s press release, she also stated that reforms in taxation systems will aid in the resolution of ongoing issues throughout the world.

“Taxing the super-rich and large businesses is a way out of today’s overlapping challenges. “It’s time to dispel the comforting fiction that tax cuts for the wealthy result in their money ‘trickle down’ to everyone else,” Bucher added.

A “polycrisis” is a convergence of crises throughout the world that feed into each other and cause more adversity collectively than they would alone. Researchers, economists, and politicians have recently indicated that the world is presently facing such a catastrophe as the cost-of-living crisis, climate change, and other pressures collide.

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