Oxfam Report Reveals Top 1% See $400,000 Wealth Increase, Bottom 50% Get Just $335

The wealthiest 1% of the global population has amassed $42 trillion in new wealth over the past decade, almost 34 times more than the bottom 50% of the world's population, according to a recent Oxfam analysis. The average wealth per person in the top 1% increased by around $400,000 in real terms, while those in the bottom half saw an average increase of just $335, less than nine cents per day.As G20 finance ministers prepare to convene in Rio de Janeiro, Brazil, they are expected to lay the groundwork for a landmark global agreement to increase taxes on the super-rich. This proposal, backed by nations such as Brazil, South Africa, Spain, and France, comes amidst growing public demand for measures to curb extreme inequality and ensure the wealthy pay their fair share of taxes.

"Inequality has reached obscene levels, and until now governments have failed to protect people and the planet from its catastrophic effects," said Max Lawson, Oxfam International's Head of Inequality Policy, in a press release. "The richest one percent of humanity continues to fill their pockets while the rest are left to scrap for crumbs."Oxfam's research indicates that a "war on fair taxation" has significantly reduced tax rates on the wealth and income of the richest individuals. In G20 countries, less than eight cents of every dollar raised in tax revenue now comes from taxes on wealth. The share of income earned by the top 1% in G20 countries has increased by 45% over four decades, while top tax rates on their incomes have been reduced by about a third.Globally, billionaires have been paying a tax rate equivalent to less than 0.5% of their wealth, despite their fortunes growing by an annual average of 7.1% over the past four decades. Oxfam estimates that an annual net wealth tax of at least 8% would be necessary to reduce the extreme wealth of billionaires. G20 countries are home to nearly 80% of the world's billionaires, making this a critical issue for their upcoming meeting.