Oxfam reports that the wealth of the world's 3,000 billionaires has increased by $6.5 trillion in the last decade, representing 14.6% of global output. The richest 1% has gained at least $33.9 trillion, sufficient to eliminate global poverty 22 times over. With billions paying an effective tax rate near 0.3%, activism for wealth taxes is intensifying in the UK and internationally, as leading countries push for measures against tax evasion and extreme inequality.
In total the richest 1% of the global population has gained at least $33.9tn in real terms, enough to end annual global poverty 22 times over.
Billionaires pay effective tax rates close to 0.3% of their wealth, well below what average workers contribute, Oxfam said.
This government is in danger of careering way off course on international development if it does not recommit to proven approaches to tackle poverty through public investment.
Ministers from Spain, Brazil, Germany and South Africa have called for a levy to counter the use of tax havens such as Monaco.
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