Oxfam calls for new taxes on the super-rich to tackle a post-Covid rise in global inequality. The richest 1% captured nearly two-thirds of all new wealth created since 2020, worth $42 trillion.
The aid group made its plea as the Swiss Alpine village of Davos hosts political leaders, CEOs, and celebrities for the week-long World Economic Forum.
In a report titled “Survival of the Richest”, the charity said that during the pandemic and cost-of-living crisis years since 2020, $26 trillion (63%) of all new wealth was captured by the richest 1%, while $16 trillion (37%) went to the rest of the world put together.
Billionaire fortunes have increased by $2.7 billion a day. This comes on top of a decade of historic gains – the number and wealth of billionaires having doubled over the last ten years.
Oxfam calls for taxes at rates that progressively redistribute wealth and reduce extreme inequality.