The combined fortunes of the World’s 26 richest individuals reached $1.4 trillion last year – the same amount as the total wealth of the 3.8 billion poorest people.
The year before, it was the top 43 people and the year before that, it was the top 62 people.
Billionaires, who now number a record 2,208, have more wealth than ever before and are growing $2.5 billion richer every day.
While the poorest half of humanity saw their wealth dwindle by 11%, billionaires’ riches increased by 12%.
Growing gap between the rich and poor is undermining the fight against poverty, damaging our economies and fueling public anger across the globe.
In rich countries, the average top rate of personal income tax fell from 62% in 1970 to 38% in 2013. The average top rate of personal income tax is 28%.
In some countries like Brazil and the UK, the poorest 10% are now paying a higher proportion of their incomes in tax than the richest 10%
The size of your bank account should not dictate how many years your children spend in school, or how long you live – yet this is the reality in too many countries across the globe.
While corporations and the super-rich enjoy low tax, millions of girls are denied a decent education and women are dying for lack of maternity care.
Women and girls are hit hardest by the growing wealth gap. Girls are pulled out of school first when the money is not available to pay fees, and women clock up hours of unpaid work looking after sick relatives when healthcare systems fail.
Governments are exacerbating inequality by underfunding public services, such as healthcare and education, on the one hand, while under taxing corporations and the wealthy. – Oxfam
It estimated that a 1% wealth tax would be enough to educate 262 million out of school children and to save 3.3 million lives.