The gap between the rich and the poor is not decreasing. The rich are getting richer while the poor are getting poorer. While people with limited incomes struggle to survive, the rich are worried about getting richer. Because two-thirds of the world’s wealth is owned by only 1 percent of people. Recently, such information has emerged in a report by the British charity Oxfam.
According to the report titled ‘Survival of the Richest’, 1% of the world’s population owns two-thirds of the newly created $42 trillion economic wealth after 2020. The report was released on Monday at the annual meeting of the World Economic Forum in Davos, Switzerland.
1.7 billion working people in the world are suffering from inflation. Inflation keeps pace with wages in the countries they live in. On the other hand, the wealth of billionaires is growing by an average of $2.7 billion per day.
Half of billionaires live in countries that do not pay inheritance tax. As a result, they can leave $5 trillion in wealth to their descendants, which is more than the entire GDP of Africa. A 5 percent tax on the world’s multi-millionaires and billionaires could raise $1.7 trillion. Through which 200 crore people can be brought out of poverty.
Oxfam International Executive Director Gabriela Butcher said, ‘Ordinary people have to work hard to get basic necessities like food. On the other hand, the wealth of the super rich is beyond their wildest dreams. In just 2 years, this decade has gone a long way towards becoming the best decade for billionaires.’
Even in neighboring India, more than 40 percent of the total wealth is now owned by just one percent of the rich. Half the population owns only three percent of the wealth. Research shows that a 5 percent tax on the country’s top 10 richest people would save the cost of going to school for every child in the country.
A one-time tax on billionaire Gautam Adani’s unpaid profits alone between 2017 and 2021 could raise Rs 1.79 lakh crore, enough to pay a year’s salary of over 5 million Indian primary school teachers.
According to Oxfam, the wealth of Indian billionaires increased by at least 121 percent between November 2022 and the start of the coronavirus pandemic. To be more precise, during that time their wealth increased to 3 thousand 608 crore rupees daily. In 2020, there were a total of 102 billionaires in the country. In 2022, it increased to 166 people.