Billionaires' wealth increased by $6,500B in the last 10 years
What's the story
The wealth of the world's 3,000 billionaires has increased by a staggering $6,500 billion (£4,800 billion) in real terms over the last decade, according to a report by the NGO, Oxfam. This amount is equivalent to 14.6% of the global output. The richest 1% of the global population have gained at least $33.9 trillion in real terms during this period, which is "enough to end annual global poverty 22 times over," the charity said.
UK growth
UK billionaires' wealth rose by more than 1,000%
In the UK, the number of billionaires has skyrocketed from 15 in 1990 to a whopping 165 in 2024. Separate figures from The Equality Trust reported that their average wealth rose by more than 1,000% during this period. Oxfam highlighted that these billionaires pay effective tax rates close to just 0.3% of their wealth, far below what average workers contribute.
Taxation appeal
Oxfam's recommendations to UK government
Oxfam has urged the UK government to collaborate with other nations in combating "extreme inequality," where private wealth is growing eight times faster than net government wealth between 1995 and 2023. Rachel Noble, a senior policy adviser at Oxfam, emphasized the need for fair taxation on the trillions of pounds held by the super-rich and prioritizing efforts against inequality, gender oppression, and the climate crisis.
Tax proposal
Countries proposing a global wealth tax
Last year, Spain, Brazil, Germany, and South Africa proposed a minimum 2% tax on the super-rich at the G20 summit, aiming to reduce inequality and raise public funds. While estimates of its potential impact vary, a study by French economist Gabriel Zucman found it could generate up to $250 billion in additional revenue.
Evasion prevention
Measures against tax havens
Ministers have emphasized the importance of measures against tax havens. The proposed levy is aimed at preventing evasion by billionaires living in countries like Monaco or Jersey but earning their money in larger economies such as the UK or France. Spain's economy minister, Carlos Cuerpo, had said last November that wealthy nations needed to "be brave" as citizens were demanding "redistribution of wealth."