01/15/2024 00:05 (current 01/15/2024 00:05)
The gap between rich and poor is widening ©APA/dpa
The crises and wars of recent years have further increased the gap between rich and poor in the world. This emerges from a study that the development organization Oxfam published before the start of the World Economic Forum in Davos. Thus, the five richest people in the world – all men – have more than doubled their wealth since 2020. At the same time, almost five billion people, the poorest 60%, have become even poorer.
The study published on Monday is based on data from several sources. For example, Oxfam combined Forbes estimates of billionaire wealth with Credit Suisse estimates of global wealth.
In its assessment, the emergency aid and development organization comes to the conclusion that, at the current rate of growth, the world could have its first trillion dollar in just ten years. Global poverty, on the other hand, would not be completely overcome even in 230 years.
“Billionaires are getting richer, the working class is struggling and the poor live in despair. This is the unfortunate state of the global economy,” writes US Senator Bernie Sanders in the foreword to the study. Never before has there been so much inequality in income and wealth. The greed, arrogance and irresponsibility are also unprecedented.
The five richest men have earned an average of $14 million per hour since 2020, according to data from Oxfam. His wealth has increased from $405 billion in 2020 to $869 billion most recently. The total wealth of all billionaires grew three times faster than the rate of inflation.
At the same time, 4.77 billion people, the poorest 60% of humanity, have lost a total of $20 billion in wealth since 2020. According to Oxfam, the wages of 791 million workers have not kept up with the rate of inflation. Each of them lost an average of almost a month's salary over two years. Oxfam therefore calls for the taxation of high wealth. The funds from this would have to be invested in climate protection, expanding education, healthcare and social security.
The development organization proposes the following wealth tax model: two percent on assets exceeding $5 million, three percent on assets exceeding $50 million, and five percent on assets exceeding one billion dollars. Globally, such a wealth tax on millionaires and billionaires could raise $2.5 billion every year, according to Oxfam.