World's Richest 1% Gained $42 Trillion In New Wealth During Past Decade: Oxfam Report

The latest Oxfam report revealed that the world's richest 1% have amassed $42 trillion in new wealth over the past decade. The report also pointed out that the $42 trillion figure is nearly 34 times more than the entire bottom 50% of the world’s population. The analysis was released ahead of the third meeting of G20 Finance Ministers and Central Bank Governors in Brazil.

As per the report released on July 25, the average wealth per person in the top 1% increased by nearly $400,000 in real terms over the last decade. This amount equals to an increase of less than nine cents per day for a person in the bottom half. Notably, billionaires around the globe have been paying a tax rate equivalent to less than 0.5% of their wealth. The report mentioned that an annual net wealth tax of at least 8% would be required to reduce billionaires’ extreme wealth.

“Inequality has reached obscene levels, and until now governments have failed to protect people and planet from its catastrophic effects,” said Max Lawson, Oxfam International’s Head of Inequality Policy, in a statement. Max Lawson also said that the "richest one percent of humanity continues to fill their pockets while the rest are left to scrap for crumbs.”