Oxfam: Wealthiest 1% own more than 95% of world’s population

As world leaders convene for the United Nations General Assembly in New York, Oxfam has issued a stark warning about a “global oligarchy” of super-rich individuals wielding excessive control over the global economy, VOA reported in an article yesterday.

The charity’s latest report claims this concentration of wealth exacerbates extreme inequality and hinders international efforts to tackle critical issues like poverty and climate change.

Oxfam highlights that the wealthiest 1% own more than 95% of the world’s population, with the fortunes of the five richest men doubling since the beginning of the decade. Meanwhile, nearly five billion people have seen their wealth decline. Nabil Ahmed, Oxfam America’s director of economic and racial justice, emphasized the urgent need for fair taxation, noting that large corporations often pay minimal taxes compared to small businesses.

The report supports Brazil’s initiative to impose a 2% minimum tax on billionaires, potentially raising $250 billion to fund healthcare and education. However, U.S. Treasury Secretary Janet Yellen expressed opposition to a global tax agreement, advocating for individual countries to ensure fair taxation.

Additionally, Oxfam criticized the increasing burden of debt in the global south, where tax revenues are increasingly allocated to servicing debts to private creditors. The charity also condemned pharmaceutical companies for prioritizing profits over equitable vaccine access during the COVID-19 pandemic, particularly affecting poorer nations.