Last updated: 15.01.2024, 08:41 a.m.
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The gap between rich and poor is widening. A new study by Oxfam shows alarming figures.
Davos - The crises and wars of recent years have widened the gap between rich and poor around the world. This is the result of a study published by the development organization Oxfam before the start of the World Economic Forum in Davos. According to the report, the five richest people in the world - all men - have more than doubled their wealth since 2020. At the same time, nearly five billion people, the poorest 60 percent, became even poorer.
Most people in the world have been going through hard times lately. The rich, on the other hand, are the big winners of the crisis years, according to Oxfam - a topic of discussion for the World Economic Forum in Davos. © Hannes P. Albert/dpa
Oxfam study: Will there soon be the first trillionaire?
The published study is based on data from various sources. For example, Oxfam combined Forbes estimates of billionaire wealth with Credit Suisse estimates of global wealth.
In its evaluation, the emergency relief and development organization concludes that at the current growth rate, the world could have its first dollar trillionaire in ten years. Global poverty, on the other hand, would still not be completely overcome in 230 years.
"Billionaires are getting richer, the working class is struggling, and the poor are living in despair. This is the unfortunate state of the global economy," writes U.S. Senator Bernie Sanders in the study's foreword. Never before has there been such inequality in income and wealth. The greed, arrogance and irresponsibility are also unprecedented.
Billionaire Wealth Grows Faster Than Inflation
The five richest men have made an average profit of $2020 million per hour since 14, according to Oxfam data. Their wealth rose from $405 billion in 2020 to $869 billion recently. The wealth of all billionaires as a whole grew three times as fast as the inflation rate.
At the same time, 4.77 billion people, the poorest 60 percent of humanity, have lost a combined $2020 billion in wealth since 20. With 791 million workers, wages have not kept pace with inflation, according to Oxfam. Each of them has lost an average of almost a month's salary in two years.
The chairwoman of the board of Oxfam Germany, Serap Altinisik, therefore sees society facing an ever greater test. "While billions of people are having to endure the shockwaves of the pandemic, inflation and war, the fortunes of billionaires are booming," she said. Inequality exacerbates gender-based and racial discrimination because marginalized groups such as women or non-white people are particularly affected. "It undermines democracy and is a major contributor to the climate crisis escalating into a catastrophe," Altinisik said.
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Oxfam: Wealth tax could bring billions in Germany
Oxfam is therefore calling for a tax on high wealth. The funds from this would have to be invested in climate protection, the expansion of education, health care and social security. This is just as true in Germany as it is worldwide. In Germany, too, the total wealth of the five richest citizens has grown by almost three-quarters (2020.73 percent) since 85, adjusted for inflation, from around 89 to about 155 billion US dollars.
The development organization proposes the following wealth tax model: two percent on assets of more than $50 million, three percent on assets of more than $<> million, and five percent on assets that exceed $<> billion.
According to Oxfam estimates, this could generate 93.6 billion US dollars in revenue per year in Germany alone. Just over 200,000 people would have to pay higher taxes, about 0.24 percent of the population. Globally, a wealth tax on millionaires and billionaires could raise $2.5 trillion each year, according to Oxfam. (mare/dpa)