Crisis winners: according to Oxfam, corporations and the super  rich

Crisis winners: according to Oxfam, corporations and the super rich

Oxfam calls for higher taxes on the rich

The combined wealth of all billionaires has increased by an average of US$2.7 billion per day since 2020. For every US$1 per capita in wealth acquired by the poorest 90% of the world’s population, a billionaire has earned an average of US$1.7 million.

At the same time, according to Oxfam, at least 1.7 billion workers live in countries where inflation is greater than wage growth. About every tenth person on Earth is starving.

Oxfam is calling for higher taxes on the rich as a way out of the crisis. Decades of tax cuts for the rich and for businesses have recently exacerbated inequality. In some countries, the poorest have higher taxes than billionaires. According to Oxfam, only 4% of the world’s tax revenue comes from wealth taxes. “Corporations and their super-rich principal owners must finally make their fair contribution to the common good,” demanded Schmitt.