- An Oxfam report has shown that 26 billionaires owned half of the world's fortune
- The report also showed that the billionaires' wealth has increased by 12% in 2019 as against the poorest whose fortune hit an 11% low
- Oxfam also revealed the wealthy class has been doubling in size since the 2008 economic crisis
A new report published on Monday, January 21, by Oxfam has interestingly revealed the clear financial inequality that exists in our world.
The report showed that the total combination of 26 most affluent billionaires in the world is directly equaled to the total riches of the remaining 3.8 billion people in the whole world.
The report surprisingly stated that while the billionaires’s wealth has increased by 12 percent this year, it is the contrary to fortune of the poorest of the population as theirs has fallen by 11 percent.
The Oxfam report also showed that the billionaire class is also experiencing a faster growth as the class has experienced a double in size since financial crisis hit the world economy in 2008.
In 2016, it was also reported that 61 billionaires have gained control of half of the world’s wealth. In 2016, the number jumped to 43 before it declined noticeably to 26 in 2018.
At the center of this report is America as most of the billionaires are Americans like Jeff Bezos, Mark Zuckerberg, Warren Buffet and Bill Gates who are altogether worth nearly $400 billion. The Economic Policy Institute (EPI) also claimed that what one percent took home in 2015 was over 26 times more that what 99 percent of the poorest earned.
Oxfam also submitted that the income of the wealthiest one percent grew more than the whole population of 43 states put together. This defeats President Donald Trump’s claim that the stock market has been on the increase.
It is no wonder therefore that Trump has over the time surrounded himself some of these billionaires as advisors and donors in his government.
A leaked financial document also revealed that billionaires in Trump's favour have been storing their wealth offshore. Some of the billionaires doing with this practice are Koch Brothers, Sheldon G. Adelson, New England Priots owner Robert Kraft, and Secretary of Commerce Wilbur Ross.
It was also gathered that Trump’s allies are not the only ones evading taxes. A chief fundraiser for Canadian Prime Justin Trudeau was said to have also avoided tax in the Cayman Islands where he paid nothing on corporation tax.
This is the more reason why the 70% marginal tax rate on the wealthy proposed by Representative Alexandria Ocasio-Cortez has gathered some interest and popularity, though the idea was mocked at the early stage.
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In America though, the proposal gained great acceptability as 59% of Americans favoured the idea. Of this 59% were 71% Democrats, 45% Republicans and 60% Independent.
Meanwhile, Legit.ng previously reported that Donald Trump is planning on reducing the number of birthright citizenship given to immigrants.
It was gathered that the number of people who go to America to give birth might soon reduce due to this.
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