The world's richest 1% saw their wealth grow by $42 TRILLION in the last decade, report finds

The world's richest 1% saw their wealth grow by $42 TRILLION in the last decade, report finds Taxes on the rich have plummeted to 'historic lows', NGO Oxfam has warned By Elena Salvoni and Afp Published: 08:15, 25 July 2024 | Updated: 08:16, 25 July 2024 e-mail View comments The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade, a new report from Oxfam has revealed ahead of a G20 summit in Brazil where taxing the super-rich tops the agenda. Despite this windfall, taxes on the rich had plummeted to 'historic lows', the NGO added, warning of 'obscene levels' of inequality with the rest of the world 'left to scrap for crumbs'. Brazil has made international cooperation on taxing the super-rich a priority of its presidency of the G20, a group of countries representing 80 percent of the world's GDP.

At this week's summit in Rio de Janeiro, the group's finance ministers are expected to make progress on ways to raise levies on the ultra-wealthy and prevent billionaires from dodging tax systems. The initiative involves determining ways to tax billionaires and other high-income earners, and is set to be fiercely debated at the summit on Thursday and Friday. Tesla boss Elon Musk - or another tech tycoon - could become a trillionaire within the decade, Oxfam has previously warned France, Spain , South Africa , Colombia and the African Union in favour, but the United States firmly against.

Oxfam dubbed it a 'real litmus test for G20 gover.