Richest 1% of people in UK now wealthier than 70% of population combined

[Celerity]

“Governments must introduce higher taxes on the super-rich now", Oxfam GB chief executive Danny Sriskandarajah said.

https://www.thelondoneconomic.com/news/richest-1-of-people-in-uk-now-wealthier-than-70-of-population-combined-341998/

The richest 1 per cent of people in the UK are now wealthier than 70 per cent of the population combined, according to analysis by Oxfam. A report by the charity highlights how the 685,500 richest people in Britain are worth a total of £2.8 trillion, compared with 48 million people in the UK whose combined wealth totals £2.4 trillion. Oxfam’s report, called Survival of the Richest, builds a picture of widening worldwide inequality, after extreme poverty and extreme wealth increased simultaneously over the past two years for the first time in quarter of a century.

“New wealth”

Throughout 2021 and 2022, the richest 1 per cent accrued nearly twice as much “new wealth” – revenue created in the global economy – as the rest of the world combined, Oxfam has said. According to the report, this elite group pocketed £21 trillion in new wealth over the last two years, which equates to almost two-thirds of all new revenue. This comes after both the number and wealth of billionaires doubled over the last decade.

At the same time, at least 1.7 billion workers now live in countries where inflation is outpacing wages, and more than 820 million people – roughly one in 10 people on Earth – do not have enough food. Oxfam is calling for a wealth tax of up to 5 per cent on the super-rich to raise £1.4 trillion each year, which the charity argues is enough to lift two billion people out of poverty.

“An affront to basic human values”

Danny Sriskandarajah, Oxfam GB chief executive, criticised governments for failing to tackle the issue of financial inequality, describing the current economic situation as “an affront to basic human values”. He said: “Multiple crises have pushed millions to the brink while our leaders fail to grasp the nettle – governments must stop acting for the vested interests of the few. “How can we accept a system where the poorest people in many countries pay much higher tax rates than the super-rich?

snip

[Midnight Writer]

1. Looks like in the USA the richest did best under Obama and Biden. Why do they hate Democrats?