The world’s richest have truly never been richer and the gap between the rich and the poor in most countries has truly never been wider. In the first two years of the COVID-19 pandemic, the world’s ten richest men doubled their collective fortunes – from $700 billion to $1.5 trillion – at the same time that incomes for 99% of humanity fell. [Patriotic Millionaires, January 2023]
Wealth Of Australia’s 50 Richest On Forbes List Rises To $222 Billion [Forbes, 15 February 2024]
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Top 1 percent bags over $40 trillion in new wealth during past decade as taxes on the rich reach historic lows
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Oxfam Australia Media Release
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Thursday 25 July 2024
The richest 1 percent have amassed $42 trillion in new wealth over the past decade, nearly 34 times more than the entire bottom 50 percent of the world’s population, according to new analysis by Oxfam today ahead of the third meeting of G20 Finance Ministers and Central Bank Governors in Rio de Janeiro, Brazil.
Here in Australia, billionaires have increased their wealth by 70.5% or $120 billion since 2020. Australians are increasingly concerned about this growing inequality and support a wealth tax to address it. This is evidenced by newly released YouGov polling commissioned by Oxfam. The polling shows:
76% of Australians are concerned about the growing wealth gap between the ultra-rich and everyday people
74% Support a wealth tax of people with wealth of over $50 million
63% Support wealth tax proceeds being used to reduce inequality
The average wealth per person in the top 1 percent globally rose by nearly $400,000 in real terms over the last decade compared to just $335 – an equivalent increase of less than nine cents a day – for a person in the bottom half.
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Responding to the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation published on 26 July 2024, Oxfam International’s Tax Policy Lead Susana Ruiz, said:
"This is serious global progress —for the first time in history, the world’s largest economies have agreed to cooperate to tax the ultra-rich. Finally, the richest people are being told they can't game the tax system or avoid paying their fair share.
"Governments have for too long been complicit in helping the ultra-rich pay little or zero tax. Massive fortunes afford the world’s ultra-rich outsized influence and power, which they wield to shield, stash and supersize their wealth, undercutting democracy and widening inequality.
"Now to the next step: at the G20 Summit in November this year, leaders need to go further than their finance ministers and back concrete coordination: agreeing on a new global standard that taxes the ultra-rich at a rate high enough to close the gap between them and the rest of us.
"Brazil has kickstarted a truly global approach to tax the ultra-rich. But the work is just beginning and international cooperation is crucial.
"We call on G20 leaders to align with the progress being made at the UN and establish a truly democratic process for setting global standards on taxing the ultra-rich. Entrusting this task to the OECD —the club of mostly rich countries— would simply not be good enough."
BACKGROUND
- Oxfam’s research found that the share of national income going to the top 1 percent of earners in G20 countries has increased by 45 percent over the last four decades. During the same period, the top tax rates on their incomes has fallen by roughly a third (from around 60 percent in 1980 to 40 percent in 2022).
- According to the EU Tax Observatory, global billionaires have very low personal effective tax rates, of between 0 percent and 0.5 percent of their wealth.
TOP 10 RICHEST AUSTRALIANS
according to Forbes, 14 February 2024
1. Gina Rinehart; US$30.2 billion
2. Andrew Forrest & Family; $21.5 billion
3. Harry Triguboff; $16.2 billion
4. Mike Cannon-Brookes; $13.7 billion
5. Scott Farquhar; $13.5 billion
6. Anthony Pratt; $10.3 billion
7. Cliff Obrecht and Melanie Perkins, $8.8 billion
8. Bianca Rinehart & Siblings, $8.5 billion
9. John, Alan & Bruce Wilson, $6.6 billion
10. Frank Lowy, $6.5 billion
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