Growing wealth of the super-rich: Oxfam 2024 study 🇦🇹
According to the latest Oxfam report, the wealth of the super-rich continues to grow at a staggering rate in 2024 – three times faster than in 2023. There are 204 new billionaires worldwide, and their combined wealth has increased from $13 trillion to $15 trillion. Meanwhile, millions of people continue to suffer from hunger and poverty. How is this possible? 🤔
In this article, we take a closer look at what Oxfam says about the wealth of the super-rich, how it impacts society, and what solutions the organisation offers to combat economic inequality.
On the wealth of the super-rich in 2024 💰
Official Oxfam research shows that the wealth of 2,769 billionaires around the world is growing by $2 million a day. Meanwhile, amid this wealth, 733 million people suffer from hunger and about 3.6 billion people live in extreme poverty. 📉
Increasing number of billionaires 🌍
According to Oxfam, the number of billionaires in the world has increased by 204 in the past year. Germany, for example, has 130 billionaires with a combined fortune of $625.4 billion, with most (71%) receiving their assets from inheritance. This highlights the significant gap between wealth and poverty, which is only growing.
Criticism of tax policy ☝️
Oxfam has also criticised tax policies in countries such as Germany, where the super-rich pay less in taxes than the middle class. This inequality in taxation further widens the gap between rich and poor. In its report, Oxfam calls for higher taxes on the rich to support social equality and improve the financial situation of the poorest people.
Details about taxes in Austria can be found in our article Taxes in Austria for Expats.
The consequences of inequality for society ⚖️
The sustainability of democracy 🗳️
According to Oxfam, rising inequality threatens democratic processes because wealth is linked to political influence. More often than not, the super-rich use their resources to further their own interests, which can undermine principles of equality and justice in society.
The need for change 💡
Oxfam insists that measures must be introduced to reduce this gap. This could include:
- Progressive taxation: increasing taxes for the richest.
- Social programs: financing measures aimed at combating poverty.
- Education and Employment: developing programs that will help poor people gain access to education and decent work.
More information on the need for change can be found in Oxfam's report "Fair taxation for the rich".
Conclusion and findings 📝
In conclusion, Oxfam’s 2024 report highlights that the wealth of the super-rich continues to grow, creating huge gaps in society. While wealth is concentrated in the hands of a few, millions of people continue to live in poverty. A major overhaul of the tax system and the introduction of progressive measures are needed to create a fairer society.
What steps do you think should be taken to change this situation? 💭
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