- A report published on Monday by Oxfam found that the richest 1% acquired nearly two-thirds of all new wealth worth $42T created over the past two years.
- During the pandemic and cost-of-living crisis ongoing since 2020, the fortune of the world’s wealthiest individuals reportedly soared by $26T, while the net worth of the remaining 99% of the world’s population rose by $16T.
- The “Survival of the Richest” report added that billionaire fortunes are increasing by $2.7B a day even as 1.7B workers now live in countries where inflation is outpacing wages.
- Oxfam – which analyzed data from Credit Suisse’s global wealth report and Forbes’ Billionaires and Real-Time Billionaires List – found that stock market surges, tax policies tilted in favor of billionaires, and rising prices helped swell the fortunes of the richest 1%.
- According to an analysis by the Fight Inequality Alliance, Institute for Policy Studies, Oxfam, and the Patriotic Millionaires, a wealth tax of up to 5% on the world’s wealthiest could raise $1.7T a year. Oxfam's report found that the money could lift 2B people out of poverty, deliver universal healthcare, and fund a global plan to end hunger.
- The report coincides with the annual meeting of the World Economic Forum in Davos, which brings together 52 heads of state and leaders from the worlds of politics, finance, business, and activism to discuss issues of global concern, including climate change and economic crisis.
- Left narrative, as provided by CNN. The growing gap between the rich and poor, in wealth and income, is bad for everyone. When power and wealth are concentrated in a few hands, it usually leads to corruption, exploitation of the masses, and loss of faith in political and economic systems. The first step to reducing racial, social, and economic inequality is to pour more money into the hands of those who need it most.
- Right narrative, as provided by Daily Breeze. While many have hit the panic button on widening income inequality reports, taxing the super-rich is not the solution to alleviate poverty, hunger, illiteracy, or unemployment. A wealth tax would do nothing to help low- and middle-income earners. Penalizing high-net-worth individuals, however, would drive out the wealth creators, bring in less revenue, and weaken the economy over time.