Wealth of global top 1% grew by $42 trillion over past decade: Oxfam

The past decade has been profitable for the world’s wealthiest individuals, prompting calls for higher taxes on the rich. The top 1% has seen their wealth increase by $42 trillion in the last ten years, which is 34 times more than the bottom 50% of the global population. The average net worth of the elite increased by nearly $400,000 per person, while the bottom half saw only a $335 increase. The advocacy group Oxfam is urging G20 leaders to raise taxes on the ultra-rich and address global inequality. Discussions on implementing a global minimum tax on billionaires are ongoing, but reaching an agreement may prove difficult.