A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent. On Monday, revealing the report’s findings, the aid group suggested that by 2030, the number of billionaires should be reduced by half. For this, it suggests the implementation of measures like higher taxes and other policies that make the world more equal.

The report comes as the global elite are set to meet for their annual gathering in Davos. Starting Monday, as per AFP, the Swiss Alpine Village will host political leaders, CEOs and celebrities for the week-long World Economic Forum meeting.

As per Oxfam, since 2020, even as inflation outpaced wages for at least 1.7 billion people worldwide, the wealth of billionaires has surged by $2.7 billion a day. By the end of 2021, the wealthiest had pocketed $26 trillion or 63 per cent of the total new wealth. The rest went to the remaining 99 per cent of the global population.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/profiting-from-pain-covid-created-a-billionaire-every-30-hours-oxfam-at-davos-forum-481336">'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum</a>

To somewhat level the playing field, the group called for taxes that progressively redistribute wealth.

Citing a report by ProPublica, a US-based investigative news group, Oxfam said that with Elon Musk facing a “true tax rate” of just 3.2 per cent between 2014-18 and Jeff Bezos paying less than one per cent, it is clear that the wealthiest hardly pay any taxes.

In contrast, 99 per cent pay more taxes. Oxfam presents, as an example, a Ugandan market trader that works with the organisation, and remarks that he pays more than tenfold to the billionaires at 40 per cent.

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It called for a permanent tax increase on the rich, with a minimum 60 per cent tax on their income from labour and capital.

Oxfam said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one per cent and by adopting other billionaire-busting policies”.

As per the group, this would help bring the number of billionaires down to 2012 levels, adding that the “eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth.”

(With inputs from agencies)

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A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent.

A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent. On Monday, revealing the report’s findings, the aid group suggested that by 2030, the number of billionaires should be reduced by half. For this, it suggests the implementation of measures like higher taxes and other policies that make the world more equal. The report comes as the global elite are set to meet for their annual gathering in Davos. Starting Monday, as per AFP, the Swiss Alpine Village will host political leaders, CEOs and celebrities for the week-long World Economic Forum meeting. As per Oxfam, since 2020, even as inflation outpaced wages for at least 1.7 billion people worldwide, the wealth of billionaires has surged by $2.7 billion a day. By the end of 2021, the wealthiest had pocketed $26 trillion or 63 per cent of the total new wealth. The rest went to the remaining 99 per cent of the global population. Also read | 'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum To somewhat level the playing field, the group called for taxes that progressively redistribute wealth. Citing a report by ProPublica, a US-based investigative news group, Oxfam said that with Elon Musk facing a “true tax rate” of just 3.2 per cent between 2014-18 and Jeff Bezos paying less than one per cent, it is clear that the wealthiest hardly pay any taxes. In contrast, 99 per cent pay more taxes. Oxfam presents, as an example, a Ugandan market trader that works with the organisation, and remarks that he pays more than tenfold to the billionaires at 40 per cent. Also read | Elon Musk no longer world's richest man. Check who is It called for a permanent tax increase on the rich, with a minimum 60 per cent tax on their income from labour and capital. Oxfam said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one per cent and by adopting other billionaire-busting policies”. As per the group, this would help bring the number of billionaires down to 2012 levels, adding that the “eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth.” (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam 

A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022. This is as per the report as the poor in India “are unable to afford even basic necessities to survive”.

Oxfam in its report titled ‘Survival of the Richest: The India Story,’ says that “inequalities are growing in India,” and that the impact of this is “especially stark at the margins of the Indian society, with some communities such as the Scheduled Tribes (STs) suffering from physical remoteness and systematic exclusion from the means to achieve vertical mobility.”

Watch |&nbsp;WION at Davos 2023: Gathering of global elite amid recession fear

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As per the report, the concentration of wealth “continues to be around primordial characteristics such as caste,” and there is a “persistence of marginalisation” among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty.

The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its “wealth chipped away”. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/survival-of-the-richest-for-a-more-equal-world-cut-down-number-of-billionaires-by-half-suggests-oxfam-552962">‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam&nbsp;</a>

By the year 2020, this chunk of the population accounted for a mere 13 per cent of the country’s national income, and less than three per cent of its total wealth.&nbsp;This is because the top 30 per cent has accumulated&nbsp;more than 90 per cent of the wealth, and among them, the top 10 per cent own more than 80 per cent of the wealth.

Also read |&nbsp;<a href="https://www.wionews.com/world/profiting-from-pain-covid-created-a-billionaire-every-30-hours-oxfam-at-davos-forum-481336">'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum</a>

Oxfam's report also revealed that shockingly, the top five per cent have nearly 62 per cent of the wealth, while the top one per cent owns around 40.6 per cent of it.

The report goes on to say that the nation’s bottom 50 per cent pays six times more indirect tax than the wealthiest 10 per cent and says that “imposing a tax on the wealth of the richest” is a solution it has rallied behind for years.

(With inputs from agencies)

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A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022.

A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022. This is as per the report as the poor in India “are unable to afford even basic necessities to survive”. Oxfam in its report titled ‘Survival of the Richest: The India Story,’ says that “inequalities are growing in India,” and that the impact of this is “especially stark at the margins of the Indian society, with some communities such as the Scheduled Tribes (STs) suffering from physical remoteness and systematic exclusion from the means to achieve vertical mobility.” Watch | WION at Davos 2023: Gathering of global elite amid recession fear As per the report, the concentration of wealth “continues to be around primordial characteristics such as caste,” and there is a “persistence of marginalisation” among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty. The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its “wealth chipped away”. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934. Also read | ‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam By the year 2020, this chunk of the population accounted for a mere 13 per cent of the country’s national income, and less than three per cent of its total wealth. This is because the top 30 per cent has accumulated more than 90 per cent of the wealth, and among them, the top 10 per cent own more than 80 per cent of the wealth. Also read | 'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum Oxfam's report also revealed that shockingly, the top five per cent have nearly 62 per cent of the wealth, while the top one per cent owns around 40.6 per cent of it. The report goes on to say that the nation’s bottom 50 per cent pays six times more indirect tax than the wealthiest 10 per cent and says that “imposing a tax on the wealth of the richest” is a solution it has rallied behind for years. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Even as India's poor 'are unable to afford basic necessities to survive', the rich are getting richer: Oxfam

Pakistan Prime Minister Imran Khan has come under severe criticism for saying that two businessmen foot the bill for his recent Davos trip. Speaking at a corporate-funded event in Davos called 'Pakistan Breakfast' Khan said that his trip was funded by two businessmen namely Ikram Sehgal and Imran Chaudhry.

Pakistan Prime Minister Imran Khan has come under severe criticism for saying that two businessmen foot the bill for his recent Davos trip. Speaking at a corporate-funded event in Davos called 'Pakistan Breakfast' Khan said that his trip was funded by two businessmen namely Ikram Sehgal and Imran Chaudhry. The two businessmen reportedly forked out $ 450,000 for the trip. While khan was trying to portray himself as being frugal in times of economic hardship not everyone in the country shares his sentiments. While former Pakistan ambassador Abdul Basit called it a bad and avoidable precedent while another prominent Pakistan media personality Waj S Khan called the move unacceptable and said the move was embarrassing for Pakistan. Back in 2012, former Pakistan prime minister Yousaf Raza Gillani spent more than $ 450,000 on his trip to Davos. Similarly Nawaz Sharif spent close to $ 762,000 in 2017. According to a press release by the Pakistan government, Imran Khan's trip was supposed to have cost the exchequer just 68,000 dollars, considerably less than his predecessors.

Imran Khan draws flak for saying his Davos trip was funded by businessmen friends 