New Oxfam analysis reveals that over the past two decades, the richest one percent in G20 countries have increased their wealth by nearly 150 percent when adjusted for inflation, reaching a staggering $68.7 trillion.
Oxfam is urging G20 leaders to commit to a global agreement to tax the super-rich fairly.
The Rio Summit presents a “once-in-a-lifetime opportunity” to address extreme wealth concentration and economic inequality, according to an Oxfam press release dated November 18, ahead of the G20 Leaders' Summit from November 18-19 hosted by Brazil in Rio de Janeiro.
“The top one percent in G20 countries now controls 31 percent of total wealth, up from about a quarter [26 percent] two decades ago. Meanwhile, the bottom half of the population hold less than 5 percent of total wealth, down from 6 percent,” the release stated.
An additional analysis highlights G20 countries where the richest one percent holds the largest share of national wealth: Brazil (48 percent), South Africa (42 percent) and Argentina (40 percent).
Speaking ahead of the summit, Oxfam Brazil executive director Viviana Santiago criticised governments for catering to the wealthy by slashing taxes and allowing fortunes to grow unchecked.
“Leaders at the Rio Summit can end the decades-long assault on taxation that’s been waged by the ultra-rich. Only then can we begin to heal the rifts of inequality tearing apart our societies,” she said.
Oxfam experts will attend the upcoming G20 Leaders’ Summit, where they will be available for interviews on key issues such as inequality, taxation, hunger and climate justice.
Oxfam is urging G20 leaders to commit to a global agreement to tax the super-rich fairly.
The Rio Summit presents a “once-in-a-lifetime opportunity” to address extreme wealth concentration and economic inequality, according to an Oxfam press release dated November 18, ahead of the G20 Leaders' Summit from November 18-19 hosted by Brazil in Rio de Janeiro.
“The top one percent in G20 countries now controls 31 percent of total wealth, up from about a quarter [26 percent] two decades ago. Meanwhile, the bottom half of the population hold less than 5 percent of total wealth, down from 6 percent,” the release stated.
An additional analysis highlights G20 countries where the richest one percent holds the largest share of national wealth: Brazil (48 percent), South Africa (42 percent) and Argentina (40 percent).
Speaking ahead of the summit, Oxfam Brazil executive director Viviana Santiago criticised governments for catering to the wealthy by slashing taxes and allowing fortunes to grow unchecked.
“Leaders at the Rio Summit can end the decades-long assault on taxation that’s been waged by the ultra-rich. Only then can we begin to heal the rifts of inequality tearing apart our societies,” she said.
Oxfam experts will attend the upcoming G20 Leaders’ Summit, where they will be available for interviews on key issues such as inequality, taxation, hunger and climate justice.
