DAVOS, Switzerland: The world’s wealthiest five men have more than doubled their fortune since 2020, the charity Oxfam said on Monday, as it called on nations to resist the ultra-rich’s influence over tax policy.
According to a report from the charity, published during the World Economic Forum in Davos this week, the combined wealth of these individuals rose from $405 billion in 2020 to a staggering $869 billion last year. This exponential growth in wealth stands in stark contrast to the increasing poverty faced by nearly five billion people worldwide over the same period, as highlighted by Oxfam.
Despite the numerous crises that have plagued the global economy in recent years, including the ongoing Covid pandemic, billionaires have seen their fortunes increase by $3.3 billion since 2020. Oxfam’s annual report on global inequality, released just before the forum, raises concerns over the growing wealth gap and the disproportionate power held by the richest individuals and corporations.
Oxfam points out that corporate power plays a significant role in driving inequality. Through practices such as suppressing worker wages, enriching wealthy shareholders, evading taxes, and privatizing public services, corporations contribute to the widening wealth disparity. The charity further accuses corporations of waging a relentless war on taxation, resulting in far-reaching consequences for society.
By influencing tax policies, corporations have been able to secure lower corporate tax rates, depriving governments of crucial revenue that could be used to support the most vulnerable members of society. Oxfam highlights the significant drop in corporate taxes in OECD countries, from 48 percent in 1980 to 23.1 percent in 2022, as evidence of this trend.
To address this alarming imbalance, Oxfam calls for the implementation of a wealth tax on millionaires and billionaires worldwide, which the charity estimates could generate $1.8 trillion annually. Additionally, Oxfam advocates for the capping of CEO pay and the breaking up of private monopolies.
The charity’s report serves as a wake-up call to governments and policymakers, urging them to prioritize the well-being of their citizens over the interests of the ultra-rich. Oxfam emphasizes that the current trajectory of increasing inequality is unsustainable and detrimental to society as a whole.
In conclusion, Oxfam’s report sheds light on the alarming rise in global inequality and the concentration of wealth among a select few. The charity’s call for action against rising inequality comes at a time when the world is grappling with multiple crises. It is imperative for nations to resist the influence of the ultra-rich over tax policies and take measures to ensure a fairer distribution of wealth. By addressing the root causes of inequality, such as corporate power and tax evasion, we can strive towards a more equitable and inclusive society.
Source: The Manila Times
