Billionaires have seen their wealth skyrocket over the past two years, adding roughly $2.7 billion per day to their fortunes while ordinary people struggle to afford basic necessities.
As the world's corporate and political elite convened in Davos, Switzerland for the first winter World Economic Forum in, an analysis published Monday by Oxfam International found that the global rich have captured nearly two-thirds of all wealth generated since 2020—a period marked by a devastating pandemic, worsening costs of living crises, and continued fallout from the climate emergency.
"While ordinary people are making daily sacrifices on essentials like food, the super-rich have outdone even their wildest dreams,"Gabriela Bucher, executive director of Oxfam International. "Just two years in, this decade is shaping up to be the best yet for billionaires—a roaring ‘20s boom for the world's richest."
"The Walton dynasty, which owns half of Walmart, received $8.5 billion over the last year," Oxfam notes. "Indian billionaire Gautam Adani, owner of major energy corporations, has seen this wealth soar by $42 billion in 2022 alone. Excess corporate profits have driven at least half of inflation in Australia, the U.S., and the U.K."
than the rest of humanity—Oxfam argues that governments around the world should institute "a systemic and wide-ranging increase in taxation" targeting billionaires who often pay astonishingly low tax rates.Internal Revenue Service documents obtained by ProPublica—paid a true tax rate of just over 3% between 2014 and 2018.
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