Networth of richest-1% double of rest of world: Oxfam
Deccan ChronicleDavos: The richest 1 per cent have bagged nearly twice as much wealth as the rest of the world population put together over the past two years, a new report said on Monday. Releasing the report on the sidelines of the annual congregation of the global elite in this Swiss ski resort town, Oxfam said a tax of up to 5 per cent on the world's multi-millionaires and billionaires could raise $1.7 trillion a year, enough to lift two billion people out of poverty. The report, titled 'Survival of the Richest', further said the richest one per cent have grabbed nearly two-thirds of all new wealth worth USD 42 trillion created since 2020, almost twice as much money as the bottom 99 per cent of the world's population. During the pandemic and cost-of-living crisis years since 2020, USD 26 trillion of all new wealth was captured by the richest 1 per cent, while USD 16 trillion went to the rest of the world put together, according to the Oxfam study.
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