The world’s richest one per cent increased their fortune by $42 trillion over the past decade, which is nearly 34 times more than the entire bottom 50 per cent of the world’s population, according to a new analysis by Oxfam. The organisation released the new report ahead of the third meeting of G20 Finance Ministers and Central Bank Governors in Brazil. It said that the average net worth of the elite jumped by nearly $400,000 per person, after adjusting for inflation, compared to $335 for the bottom half of residents. 

“Inequality has reached obscene levels, and until now governments have failed to protect people and planet from its catastrophic effects,” said Oxfam International’s Head of Inequality Policy, Max Lawson. “The richest one percent of humanity continues to fill their pockets while the rest are left to scrap for crumbs,” he added. 

Oxfam’s research also found that the share of income of the top 1 per cent of earners in G20 countries has risen by 45 per cent over four decades while top tax rates on their incomes were cut by roughly a third.

“Globally, billionaires have been paying a tax rate equivalent to less than 0.5 percent of their wealth. Their fortunes has risen by an annual average of 7.1 percent over the last four decades, and an annual net wealth tax of at least 8 percent would be needed to reduce billionaires’ extreme wealth. G20 countries are home to nearly four out of five of the world’s billionaires,” the report read. 

The latest analysis comes as the advocacy group, along with several partners, is calling on G20 leaders to hike taxes on the ultra-rich. 

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As part of its G20 presidency, the Brazilian government recently also commissioned a study on raising taxes on the wealthy. It found that a 2 per cent minimum tax on global billionaires’ wealth would yield between $200 billion and $250 billion from about 3,000 taxpayers annually. 

“Momentum to increase taxes on the super-rich is undeniable, and this week is the first real litmus test for G20 governments. Do they have the political will to strike a global standard that puts the needs of the many before the greed of an elite few?” Mr Lawson said.

Notably, Oxfam regularly issues reports highlighting global inequality and pushes for changes to start evening the playing field.