The last decade has been very lucrative for the world’s super-rich residents, fueling the drive by some advocates to tax them more.
The top 1% has seen its wealth soar by $42 trillion over the past decade, according to a new analysis by Oxfam International, which is being released ahead of the G20 finance ministers and central bank governors’ meeting in Brazil. That’s nearly 34 times more than the bottom 50% of global population. 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.
As part of its G20 presidency, the Brazilian government recently commissioned a study on raising taxes on the wealthy. The report, prepared by French economist and inequality expert Gabriel Zucman, found that a 2% minimum tax on global billionaires’ wealth would yield between $200 billion and $250 billion from about 3,000 taxpayers annually.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Wealth Paradox: Real Wealth Often Doesn’t Look Like WealthI’m Melissa Houston, the author of Cash Confident: An Entrepreneur's Guide to Creating a Profitable Business and the passionate founder of She Means Profit. I believe that the world needs more wealth in the hands of women. Business ownership is a transformative tool that allows women to build wealth on their own terms.
Read more »
Women Over 50 Say This $42 Treatment Diminishes Fine Lines In Just A Few WeeksA $42 cream that's 'worth its weight in gold.'
Read more »
Drivers fined $42 million in eight months for express lane violationsExpress lane transgressions are decreasing “and 81% of violators do not incur a second violation,” CDOT spokesman Tim Hoover said. But state data shows a problem: people driving “way too fast…
Read more »
Round Lake-area realignment of Cedar Lake Road gets funding boost; ‘This will improve everybody’s lives’The U.S. Department of Transportation announced the award Wednesday in Washington, putting the $42 million project into a position to start the necessary engineering and begin construction of the t…
Read more »
Oxfam: Israel Has Reduced Water Access in Gaza by 94 Percent Since OctoberIsrael’s attacks on water access are part of its decades-long campaign to exercise control over basic needs in Gaza.
Read more »
Israel weaponises water in its military campaign in Gaza: OxfamWater supply in Gaza reduced by 94 percent, says Oxfam, urging world to take decisive action to prevent further suffering of Palestinians.
Read more »