The world's richest 1% saw their wealth grow by $42 TRILLION in the last decade, report finds

The world's richest 1 percent accrued their fortunes by a full of $42 trillion complete nan past decade, a caller study from Oxfam has revealed up of a G20 summit successful Brazil where taxing nan super-rich tops nan agenda.

Despite this windfall, taxes connected nan rich | had plummeted to 'historic lows', nan NGO added, informing of 'obscene levels' of inequality pinch nan remainder of nan world 'left to scrap for crumbs'.

Brazil has made world practice connected taxing nan super-rich a privilege of its presidency of nan G20, a group of countries representing 80 percent of nan world's GDP.

At this week's acme successful Rio de Janeiro, nan group's finance ministers are expected to make advancement connected ways to raise levies connected nan ultra-wealthy and forestall billionaires from dodging taxation systems.

The inaugural involves determining ways to taxation billionaires and different high-income earners, and is set to beryllium fiercely debated astatine nan acme connected Thursday and Friday.

France, Spain, South Africa, Colombia and nan African Union successful favour, but nan United States firmly against.

Oxfam dubbed it a 'real litmus trial for G20 governments', urging them to instrumentality an yearly nett wealthiness taxation of astatine slightest 8 percent connected nan 'extreme wealth' of nan super-rich.

'Momentum to summation taxes connected nan super-rich is undeniable,' said Oxfam International's caput of inequality policy, Max Lawson.

'Do they person nan governmental will to onslaught a world modular that puts nan needs of nan galore earlier nan greed of an elite few?'

Oxfam said that nan $42 trillion fig was astir 36 times much than nan wealthiness accumulated by nan poorer half of nan world's population.

Despite this, billionaires 'have been paying a taxation complaint balanced to little than 0.5 percent of their wealth' crossed nan globe, nan NGO said.

Nearly 4 retired of 5 of nan world's billionaires telephone a G20 federation home, Oxfam noted.

It comes aft different study earlier this twelvemonth stated that nan world could soon person its first trillionaire wrong a decade arsenic nan spread betwixt nan uber-rich and nan remainder becomes 'supercharged'.

Tesla leader Musk leads nan battalion among nan mega rich | but nan assistance kindness said a contender could yet travel from obscurity to beryllium nan first to amass a luck of a 1000 cardinal dollars.

Lisa Rutherford, from Oxfam, told DailyMail.com: 'The important point is not who would become nan first trillionaire but alternatively that it's moreover an existent possibility, a trillion dollars is an unimaginable magnitude of money, and it's perfectly thing to celebrate.

'As of 2022, hundreds of millions of group astir nan world – including 1 successful 10 group successful nan US - were surviving successful poverty, truthful nan truth that immoderate 1 personification - Elon Musk, Jeff Bezos aliases different - could go a trillionaire while millions of group suffer is simply unacceptable.'