In January, billionaires amassed more wealth than the poorest third of humanity owns

Oxfam Australia Media Release

• Billionaire wealth surged by over $300 billion in the first month of the year. It would take 15 million workers an entire year to make as much money.
• Since G20 Finance Ministers agreed to work together to effectively tax the super-rich in July 2024, billionaires have pocketed over $1 trillion in new wealth.
• More than 50 organisations from across the world are urging G20 leaders to tax the super-rich to end extreme inequality, and invest in climate, environmental and social action.

In January alone, billionaire wealth surged by USD$314 billion – around $10 billion a day. This is more than the combined wealth of the 2.8 billion people who make up the poorest third of humanity.

At the global average income, it would take 15 million workers an entire year to collectively earn the same amount of money, reveals new analysis by the #TaxTheSuperRich Movement today ahead of the first meeting of the G20 Finance Ministers and Central Bank Governors in Cape Town, South Africa.

“Extreme wealth isn’t just growing – it’s accelerating at breakneck speed, putting more and more power into the hands of a tiny few. Failure to act enables more unchecked greed and deepening disparities, allowing oligarchs to expand their vast fortunes and further extend their power over the rest of the world,” said economist and ICRICT Commissioner Jayati Ghosh.

In July 2024, G20 finance ministers agreed to cooperate to tax the super-rich more fairly. Since then, the world’s billionaires have pocketed over $1 trillion in new wealth. This boom in wealth for the super-rich comes just months after COP29 ended with a bare minimum agreement on a new climate finance goal.

South Africa, which now holds the G20 Presidency, has called for the reduction of inequality to be placed at the heart of economic policymaking. Taking the next steps in global cooperation to tax the super-rich is an essential part of this agenda.

Over 50 international organisations, including Amnesty International, Earth4All, Fight Inequality Alliance, Greenpeace International, International Trade Union Confederation, Oxfam, Patriotic Millionaires and Public Services International have joined forces under the #TaxTheSuperRich Movement. They are calling on G20 governments to follow through on their commitment to ensuring the super-rich are effectively taxed, including:

• Agree a global deal to tax the super-rich at rates high enough to reduce inequality, as well as mechanisms to end tax avoidance.
• Invest the billions of dollars raised in tackling poverty, climate and environmental crises, and ending extreme inequality.
• Endorse and actively support the UN Tax Convention as the inclusive platform for global tax cooperation.

“Rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society. In our increasingly connected world, it is a global problem that requires global solutions. That’s why my group, Patriotic Millionaires, is proud to partner with over 50 international organizations in calling on G20 leaders to follow through with their commitment to cooperate in taxing the super-rich more effectively,” said Morris Pearl, Chair of the Patriotic Millionaires and a former Managing Director at BlackRock.

 

 

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