G20 Billionaires’ Wealth Surges as Global Inequality Deepens

The wealth of billionaires in the G20 countries has grown significantly faster than the economic output of their nations, according to new data from the development organization Oxfam. Over the past twelve months, their combined assets increased by 2.2 trillion to 15.6 trillion US dollars – a rise of 16.5 percent. Oxfam notes that the G20, consisting of 19 countries plus the EU, accounts for around 80 percent of global economic output and three-quarters of global trade, yet wealth is becoming increasingly concentrated within a very small share of the population.

At the same time, an estimated 3.8 billion people are living on less than 8.30 US dollars per day. Oxfam calculates that roughly 1.65 trillion US dollars would be needed annually to lift them out of poverty – an amount smaller than the most recent wealth gains of the G20 billionaire class. Over the past two decades, the wealth of the richest one percent in G20 countries has grown by nearly 150 percent, reaching a total of 68.7 trillion US dollars.

Ahead of the upcoming G20 summit in Johannesburg, Oxfam is calling for higher taxation of very large fortunes, closing tax loopholes, and stronger international measures against tax avoidance. The organization also proposes creating a new UN-led body to coordinate global strategies to curb inequality. According to Oxfam, wealth disparities are expanding at a much faster rate than income disparities, posing long-term risks to economic stability and social cohesion across G20 economies.

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