The richest 1% has amassed almost two-thirds of the wealth created since 2020: Oxfam

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In the past two years, the richest 1% of people have amassed nearly two-thirds of all newly created wealth around the world, a new report from Oxfam says.

According to the report, a total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63% of it, amassed by the top 1% of the ultra-rich. The remaining 99% of the world’s population amassed just $16 trillion in new wealth, says the global poverty charity.

“A billionaire gained approximately $1.7 million for every dollar of new global wealth made by someone in the bottom 90 percent,” said the report, released to kick off the World Economic Forum in Davos, Switzerland.

It suggests that the pace of wealth creation has accelerated, with the world’s richest 1% accumulating about half of all new wealth over the past 10 years.

Oxfam’s report analyzed global wealth creation data from Credit Suisse, as well as figures from the Forbes Billionaire’s List and Forbes Real-Time Billionaire’s List, to assess changes in the wealth of the ultra-rich.

The research contrasts this accumulation of wealth with reports from the World Bankwhich in October 2022 said it unlikely to meet their goal of ending extreme poverty by 2030 as the Covid-19 pandemic slowed efforts to alleviate poverty.

Gabriela Bucher, chief executive of Oxfam International, called for tax increases for the super-rich, saying it was a “strategic requirement to reduce inequality and revitalize democracy”.

In the report’s press release, she also said changes in tax policy would help deal with the ongoing crises around the world.

“Taxing the super-rich and big corporations is the way out of today’s intersecting crises. It’s time to shatter the comfortable myth that tax cuts for the richest will somehow ‘trickle down’ their wealth to everyone else,” Bucher said.

Coinciding crises around the world that affect each other and create greater adversity together than they would individually are also known as “polycrises”. In recent weeks, researchers, economists and politicians have suggested that the world is currently facing just such a crisis as stresses from the cost-of-living crisis, climate change and other stresses collide.

https://www.cnbc.com/2023/01/16/richest-1percent-amassed-almost-two-thirds-of-new-wealth-created-since-2020-oxfam.html The richest 1% has amassed almost two-thirds of the wealth created since 2020: Oxfam

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