Oxfam study: Wealth of the five richest has doubled since 2020

Social inequality has emerged from a report by the organization Oxfam increased worldwide. The world’s five richest men have more than doubled their wealth since 2020, according to a new study. Accordingly, these five men had a fortune of $405 billion in 2020. It is now $869 billion. All billionaires were able to increase their wealth by $3.3 trillion over the same period. The world’s nearly five billion poorest people lost $20 billion in wealth during this time.

According to the report, the total assets of the five richest Germans have grown, adjusted for inflation, by around three quarters or 73.85 percent since 2020, from around 89 to around 155 billion US dollars.

Organization calls for taxation of high assets

Oxfam laid the Inequality Inc study. at the start of the World Economic Forum in Davos. “We need a tax on high wealth so that the super-rich also make their fair contribution to the common good,” said the executive chairwoman of Oxfam Germany, Serap Altinisik.

The World Economic Forum finds from January 15th to 19th took place in the Swiss resort of Davos. Klaus Schwab, founder and executive chairman of the World Economic Forum, spoke before the meeting began Guest article in ZEIT Online called for “open, transparent discussions” that could “restore mutual trust between people and nations.”

The Oxfam organization advocates levying two percent taxes on assets over $5 million, three percent on assets over $50 million and five percent on assets exceeding $1 billion.

According to Oxfam estimates, this could generate $93.6 billion per year in Germany alone. In the Federal Republic, only a little more than 200,000 people have to pay the tax, it was said. That’s just 0.24 percent of the population.