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July 31, 2024

Andrew Campbell 

In the last ten years, the wealthiest 1% has increased by $42 trillion, according to a news release issued on July 25 by Oxfam International. That is approximately 34 times more than the world's bottom half.

Following an inflation adjustment, the world's richest 1% had a rise in average wealth of $400,000 over the last decade. Meanwhile, it added $335 to the lower half.

The top tax rates on the incomes of the richest 1 percent of earners in the G20 countries have dropped by almost one-third over four decades. Regardless, their income share increased by 45 percent, according to Oxfam's research.

Oxfam, a British non-governmental organization, proposed a wealth tax of at least 8% on the super-rich as one of the primary solutions to wealth inequality. The petition was presented during the third G20 Finance Ministers and Central Bank Governors meeting. It was held in Rio de Janeiro, Brazil, on July 25 and 26.