Disproportionate Growth in Billionaire Fortunes as Others Suffer

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Oxfam reported that the wealth of billionaires is growing by an astonishing $2.7 billion each day, even as more than 1.7 billion labourers worldwide struggle with wages, unable to keep up with inflation rates in their respective countries.

An eye-opening report published on Monday found that the wealthiest 1% possess nearly twice as much wealth than all other global citizens combined in two years. 

The study, conducted by rights group Oxfam and released at the World Economic Forum Annual Meeting, also confirmed that billionaires are growing their fortunes at an astronomical $2.7 billion each day while a startling 1.7 billion labourers live in countries with wages lower than inflation rates.

At this year’s congregational meeting of the wealthy in Switzerland, Oxfam unveiled their report on an adequate tax of 5% for multi-millionaires and billionaires that could amass a total of $1.7 trillion annually – enough to rescue two billion people from poverty.

The newly released report, ‘Survival of the Richest’, revealed a startling statistic: since 2020, nearly two-thirds (63%) of all new wealth worth $42 trillion was acquired by only 1% of people. This is almost twice as much money as that gathered by 99% of the world’s population combined!

“As individuals worldwide struggle to make ends meet, those among the wealthiest are experiencing a decade exceeding their expectations. In only two short years, 2020 has become one of the most profitable periods for billionaires thus far,” Oxfam International Director Gabriela Bucher said.

“It’s time to demolish the fiction that reducing taxes for the wealthiest will magically lead to wealth trickling down and benefits everyone else. Taxing major corporations and those with vast fortunes is a way out of our simultaneous crises. Yet, this idea has declined over the past forty years in favour of tax cuts solely benefiting super-rich individuals. Unfortunately, history has proven that such action only provides an advantage towards ultra-luxurious lifestyle options like superyachts instead of lifting all economic levels alike.” she added.

According to recent figures, for every $1 earned by the world’s poorest 90%, a billionaire gained an astounding 1.7 million dollars in additional wealth.

Billionaires have seen an unprecedented surge in their wealth over the past decade; Oxfam reported that the number and value of billionaires have doubled, with a $2.7 billion daily increase! This remarkable success is cementing growing inequality and widening gaps between rich and poor across the globe.

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