A recent Oxfam report reveals a surge in extreme wealth, with billionaires in the U.S. becoming 46% richer in just three years. Despite this, 37.9 million Americans live in poverty, and global poverty is not expected to be eradicated for another 229 years. The report predicts the world's first trillionaire within a decade. While signs of progress include rising nominal wages and successful labor deals, experts suggest that policies such as progressive taxation and higher tax rates on extreme wealth could significantly reduce income inequality. In response, over 250 billionaires and millionaires have called for higher taxes on the wealthiest individuals.
According to a report by Oxfam, the wealth of the world's five richest men more than doubled during the pandemic, reaching a combined $869 billion, with their net worth rising by $14 million per hour. Meanwhile, the report highlights a prolonged cost-of-living crisis, climate breakdown, and conflict faced by people worldwide, as the world's billionaires have accumulated an additional $3.3 trillion since 2020. The system is seen as rigged to favor the rich, leading to increased wealth inequality, with Oxfam predicting the world's first trillionaire within a decade.
A report from Oxfam reveals that the carbon footprint of the world's wealthiest 0.1% is 77 times higher than the level needed to limit global warming to 1.5C. The report highlights the extravagant transport habits of the ultra-wealthy, including superyachts, private jets, and space flights, which contribute significantly to their high carbon emissions.
