The world’s richest 1% amassed nearly two-thirds of all new wealth created around the world over the past two years, a new Oxfam report titled “Survival of the Richest” revealed.
A total of USD42 trillion in new wealth has been created since 2020, 63% of which was bagged by the top 1% of the world’s ultra-rich.
The remaining 99% of the global population collected just USD16 trillion of new wealth, the same source added.
“A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent,” the report reads.
The report calls for a “systemic and wide-ranging increase in taxation” for the ultra-rich, noting that taxes on the wealthiest used to be much higher, before being slashed all around the world over the past 40 years.
“Elon Musk, one of the world’s richest men, paid a “true tax rate” of about 3 percent between 2014 and 2018. Aber Christine, a flour vendor in Uganda, makes USD80 a month and pays a tax rate of 40 percent,” Oxfam highlighted in a press release.
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