Top 1 percent of businessmen conquer 66 percent of new wealth

(MENAFN) Looking into the post-pandemic economic figures, London-based charity Oxfam discovered that the world’s top 1 percent bagged almost two-thirds of the USD42 trillion in new wealth made since 2020, “nearly twice as much money as the bottom 99 percent of the world’s population.”

The new declaration released to accord with the yearly meeting of the World Economic Forum in Davos, Switzerland with business and world leaders meeting on Jan. 16-20 for talks on the 2023 theme Cooperation in a Fragmented World.

In its list of "inequality facts," the charity stated the billionaire fortunes are rising by USD2.7 billion a day, whereas inflation outpaces the salaries of more than 1.7 billion staffs, which accounts to over the population of India.

Urging high taxes to the super wealthy, the charity declared a tax of more than 5 percent on the world’s multi-millionaires and billionaires might increase USD1.7 trillion every year, “enough to lift 2 billion people out of poverty and fund a global plan to end hunger.”


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