HomeWorldTop 1% of world’s population got richer by $40 trillion in 10 years: Oxfam

Top 1% of world’s population got richer by $40 trillion in 10 years: Oxfam

Top 1% of world’s population got richer by $40 trillion in 10 years: Oxfam

#News India July 25,2024

Oxfam has said that the world’s richest one percent people have increased their wealth by a total of $ 42 trillion in the last ten years. It said that even though the world’s rich are becoming richer, the tax on them has ‘historically decreased’. That is, in the last decade, the tax on these rich has been so low as never before.

Oxfam has released this report before the meeting of G20 finance ministers and central bank governors in Brazil. According to Oxfam’s research, the share of income of the top 1% earners in G20 countries has increased by 45% in the last four decades, while the top tax rates on their income have been reduced by almost one-third.

Oxfam has said that an annual net wealth tax of at least 8% would be needed to reduce the excessive wealth of billionaires. About four out of five billionaires in the world live in G20 countries.

Oxfam has said in the report that the top 1% of people have increased their wealth by $42 trillion in the last decade, which is 34 times more than the bottom 50% of the global population. Oxfam said, ‘In the last decade, the average wealth per person in the top 1% increased by about $ 400,000 i.e. about Rs 3.35 crore in real terms, while for the bottom half this increase was only $ 335 i.e. about Rs 28066.’

The G20 Finance Ministers’ meeting is likely to discuss a global agreement to increase taxes on the super-rich. In this, Brazilian Finance Minister Fernando Haddad identified the global tax on billionaires as a major achievement at the summit. This proposal has been supported by countries like South Africa, Spain and France.

Max Lawson, Oxfam International’s inequality policy chief, said, “Inequality has reached obscene levels and so far governments have failed to protect people and the planet from its devastating effects.” “The richest one per cent of humanity keep filling their pockets while the rest are left scratching for crumbs,” he added.

Wealth tax in India was abolished in 2015 and replaced with a 2% surcharge on top of the existing 10% on those earning more than Rs 1 crore annually. Until 2015, an individual, Hindu Undivided Family or company had to pay 1% wealth tax on net wealth worth more than Rs 30 lakh. Total wealth tax collection for the financial year 2013-14 was Rs 1,008 crore, Mint reported.

Share With:
Rate This Article
Author

vikashdeveloper163@gmsil.com

No Comments

Leave A Comment