According to Oxfam, the super-rich 1% have amassed more than $40 trillion in wealth created in 10 years

He said on Thursday that the world’s richest 1% have added $42 trillion to their wealth in a decade, yet their tax rates are lower than ever before. Oxfam In the framework of the meeting of finance ministers G20which is taking place this week in Rio de Janeiro, where a review of global taxation Billionaire.

The richest segment of the world’s population “A total of $42 trillion in new wealth has been created in the past decade”The NGO said in a statement.

The agenda for the two-day meeting includes a proposal for a global tax on the super-rich, which is supported by Brazil, Colombia, Spain, France, South Africa and the African Union but rejected by the United States.

Brazil holds annual presidency G20making raising global taxes on billionaires one of his priorities.

President Luiz Inacio Lula da Silva noted Wednesday that “the super-rich pay a much lower percentage of taxes than the working class.”

His finance minister, Fernando Haddad, said in February that “despite recent progress, there is no doubt that the world’s billionaires continue to evade our tax system through a range of strategies.”

Tax Justice

Layla Yakoub, Campaign Director for Tax Justice and Inequality Oxfam FranceThe statement was quoted as stressing that “the drive to raise taxes on the super-rich is undeniable” and that “this week is the first real litmus test for governments around the world.” G20“On this topic.

But he wondered whether governments had the “political will to establish a global standard that puts the needs of the majority above the profit cravings of a few elite billionaires”.

The NGO said: “The top 1% of people in countries around the world earn a share of their income G20 Over the past four decades, the top tax rate on their income has risen by 45 percent, while the top tax rate on their income has fallen by about a third.”

“Globally, billionaires are taxed at a rate equivalent to less than 0.5% of their wealth,” he added, citing data from the EU Fiscal Observatory.

He noted: “Over the past 40 years, their wealth has grown by an average of 7.1% per year, and a net wealth tax of at least 8% per year would be required to reduce the extreme wealth of billionaires.”

(AFP)