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Richest 1% amassed almost two-thirds of latest wealth created since 2020: Oxfam

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During the last two years, the richest 1% of individuals have collected near two-thirds of all recent wealth created world wide, a recent report from Oxfam says.

A complete of $42 trillion in recent wealth has been created since 2020, with $26 trillion, or 63%, of that being amassed by the highest 1% of the ultra-rich, in accordance with the report. The remaining 99% of the worldwide population collected just $16 trillion of latest wealth, the worldwide poverty charity says.

“A billionaire gained roughly $1.7 million for each $1 of latest global wealth earned by an individual in the underside 90 percent,” the report, released because the World Economic Forum kicks off in Davos, Switzerland, reads.

It suggests that the pace at which wealth is being created has sped up, because the world’s richest 1% amassed around half of all recent wealth over the past 10 years.

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

The research contrasts this wealth creation with reports from the World Bank, which said in October 2022 that it would likely not meet its goal of ending extreme poverty by 2030 because the Covid-19 pandemic slowed down efforts to combat poverty.  

Gabriela Bucher, executive director of Oxfam International, called for taxes to be increased for the ultra-rich, saying that this was a “strategic precondition to reducing inequality and resuscitating democracy.”

Within the report’s press release, she also said changes to taxation policies would help tackle ongoing crises world wide.

“Taxing the super-rich and massive corporations is the door out of today’s overlapping crises. It is time we demolish the convenient myth that tax cuts for the richest end in their wealth someway ‘trickling down’ to everyone else,” Bucher said.

Coinciding crises world wide that feed into one another and produce greater adversity together than they’d individually are also known as a “polycrisis.” In recent weeks, researchers, economists and politicians have suggested that the world is currently facing such a crisis as pressures from the cost-of-living crisis, climate change, and other pressures are colliding.

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