Excerpt
Richest 1% Captured 63% of Wealth Created Since Pandemic
Jan 16, 2023
Released to coincide with the World Economic Forum’s summit in Davos, Oxfam’s Survival of the Richest report showed that the average billionaire gained $1.7 million for every $1 of new global wealth earned by those in the bottom 90%. “While ordinary people are making daily sacrifices … the super-rich have outdone even their wildest dreams,” said the U.K. charity’s Gabriela Bucher. “Forty years of tax cuts for the super-rich have shown that a rising tide doesn’t lift all ships — just the superyachts.” A 5% tax on the most wealthy could raise two billion people out of poverty.
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