In 2018, billionaires’ wealth increased even as wealth of world’s poorest declined: Oxfam

21, Jan 2019

A new report from anti-poverty organisation Oxfam has found that the the 26 wealthiest billionaires own as much in assets as the 3.8 billion people who comprise the poorest half of the world, the Guardian reported. According to Oxfam, billionaires’ wealth rose by $900 billion in 2018, or $2.5 billion per day, an overall increase of 12%. In comparison, the world’s poorest 50% of the population saw its wealth decline by 11% last year. In its announcement of the report, Oxfam noted that if the wealthiest 1% paid just 0.5% more tax on their wealth, it would generate more money than is required to fund the education of the 262 million children currently not in school, and pay for healthcare to save the lives of 3.3 million people. Oxfam also highlighted that in certain countries, such as Brazil, the poorest 10% in fact pays a higher proportion of their income in taxes compared to the wealthiest 10%. In India, the richest 1% saw their wealth increase by 39%, compared to the 3% increase in wealth for the bottom 50% of the population. Oxfam’s report, titled ‘Public Good or Private Wealth?’ may be read here.