$26tn of new wealth created since start of pandemic went to richest, Oxfam report reveals
Private aircraft at Zurich airport used to ferry visitors to and from the Davos World Economic Forum. The report coincides with the start of this year’s gathering.Private aircraft at Zurich airport used to ferry visitors to and from the Davos World Economic Forum. The report coincides with the start of this year’s gathering.
Policies introduced to combat the economic impact of Covid 19 – such as cuts in interest rates and the money creation process known as quantitative easing – boosted the value of property and shares, which tend to be owned byThe report said that for every $1 of new global wealth earned by a person in the bottom 90%in the past two years, eachgained roughly $1.7m. Despite small falls in 2022, the combined fortune of billionaires had increased by $2.7bn a day.
“How can we accept a system where the poorest people in many countries pay much higher tax rates than the super-rich? Governments must introduce higher taxes on the super-rich now.” Only 4 cents in every dollar of tax revenue came from wealth taxes, and half the world’s billionaires lived in countries with no inheritance tax on money they give to their children.
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