Wealth of global top% grew by $42T over past decade: Oxfam

According to a recent analysis by Oxfam International, the wealth of the global top 1% increased by $42 trillion over the past decade, significantly outpacing the wealth growth of the bottom 50% of the population, which saw an increase of only $335 per person. This disparity highlights the growing inequality, with the average net worth of the elite rising by nearly $400,000 per individual after adjusting for inflation. Oxfam's report, released ahead of the G20 finance ministers and central bank governors' meeting in Brazil, emphasizes the urgent need for governments to address this inequality. Max Lawson, Oxfam's head of inequality policy, criticized governments for failing to protect people and the planet from the adverse effects of such wealth concentration. The report coincides with calls for G20 leaders to implement higher taxes on the ultra-rich. A study commissioned by the Brazilian government suggests that a 2% minimum tax on global billionaires could generate between $200 billion and $250 billion annually from around 3,000 taxpayers. The EU Tax Observatory indicates that the wealthiest individuals in major countries pay significantly lower tax rates compared to ordinary citizens. As discussions on a global minimum tax for billionaires progress, the challenge remains for G20 leaders to reach a consensus on this issue, which could take considerable time and effort to implement effectively.