Forty years of tax cuts for the super-rich have shown that a rising tide doesn’t lift all ships -just the superyachts.”īillionaires have seen extraordinary increases in their wealth. It’s time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow ‘trickling down’ to everyone else. “Taxing the super-rich and big corporations is the door out of today’s overlapping crises. Just two years in, this decade is shaping up to be the best yet for billionaires -a roaring ‘20s boom for the world’s richest,” said Gabriela Bucher, Executive Director of Oxfam International. “While ordinary people are making daily sacrifices on essentials like food, the super-rich have outdone even their wildest dreams. Elites are gathering in the Swiss ski resort as extreme wealth and extreme poverty have increased simultaneously for the first time in 25 years. “ Survival of the Richest” is published on the opening day of the World Economic Forum in Davos, Switzerland.

During the past decade, the richest 1 percent had captured around half of all new wealth. The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today.

A tax of up to 5 percent on the world’s multi-millionaires and billionaires could raise $1.7 trillion a year, enough to lift 2 billion people out of poverty.

Billionaire fortunes are increasing by $2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation is outpacing wages.

Super-rich outstrip their extraordinary grab of half of all new wealth in past decade.

Reveals daily count for first million