Wealth Of World's Top 1% Grew By $42 Trillion Over The Past Decade: Oxfam
NDTV
The latest analysis comes as the advocacy group, along with several partners, is calling on G20 leaders to hike taxes on the ultra-rich.
The world's richest one per cent increased their fortune by $42 trillion over the past decade, which is nearly 34 times more than the entire bottom 50 per cent of the world's population, according to a new analysis by Oxfam. The organisation released the new report ahead of the third meeting of G20 Finance Ministers and Central Bank Governors in Brazil. It said that the average net worth of the elite jumped by nearly $400,000 per person, after adjusting for inflation, compared to $335 for the bottom half of residents.
"Inequality has reached obscene levels, and until now governments have failed to protect people and planet from its catastrophic effects," said Oxfam International's Head of Inequality Policy, Max Lawson. "The richest one percent of humanity continues to fill their pockets while the rest are left to scrap for crumbs," he added.
Oxfam's research also found that the share of income of the top 1 per cent of earners in G20 countries has risen by 45 per cent over four decades while top tax rates on their incomes were cut by roughly a third.
