This emerges from a study that the development organization Oxfam published before the start of the World Economic Forum in Davos. Accordingly, the five richest people in the world – all men – have more than doubled their wealth since 2020. At the same time, almost five billion people, the poorest 60 percent, became even poorer.
The study published on Monday is based on data from various sources. For example, Oxfam combined Forbes estimates of billionaires’ wealth with Credit Suisse estimates of global wealth.
In its evaluation, the emergency aid and development organization comes to the conclusion that at the current growth rate, the world could have its first dollar trillionaire in just ten years. Global poverty, on the other hand, would not be completely overcome even in 230 years.
“Billionaires are getting richer, the working class is struggling and the poor are living in despair. This is the unfortunate state of the global economy,” writes US Senator Bernie Sanders in the foreword to the study. Never before has there been such inequality in income and wealth. The greed, arrogance and irresponsibility are also unprecedented.
$14 million per hour
The five richest men have earned an average of $14 million an hour since 2020, according to Oxfam data. Her wealth rose from $405 billion in 2020 to $869 billion most recently. The total wealth of all billionaires grew three times faster than the rate of inflation.
At the same time, 4.77 billion people, the poorest 60 percent of humanity, have lost a total of $20 billion in wealth since 2020. According to Oxfam, wages for 791 million workers did not keep up with the inflation rate. Each of them lost an average of almost a month’s wages in two years. Oxfam is therefore calling for taxation of high wealth. The funds from this would have to be invested in climate protection, the expansion of education, health care and social security.
The development organization proposes the following wealth tax model: two percent on assets exceeding $5 million, three percent on assets exceeding $50 million and five percent on assets exceeding $1 billion. Globally, such a wealth tax on millionaires and billionaires could raise $2.5 trillion every year, according to Oxfam.
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