The NGO Oxfam Annual Report on Inequalities Published on Monday
Billionaires saw their fortunes increase by $ 3.9 trillion between March 18 and December 31, 2020, according to NGO Oxfam
“The 1,000 richest people in the world have regained their pre-pandemic level of wealth in just nine months while it could take more than ten years for the poorest people to recover from the economic impacts,” argues the NGO in this report published on the opening day of the World Economic Forum (WEF) which is being held online – and not in Davos, Switzerland – until Friday.
Globally, billionaires even saw their fortunes increase by $ 3.9 trillion between March 18 and December 31, 2020, according to the NGO, which relies in particular on data from Forbes and Credit Suisse. In France, billionaires – including Bernard Arnault, third largest fortune in the world behind Americans Jeff Bezos and Elon Musk – have “earned nearly 175 billion euros” over the same period, “exceeding their level of wealth before the crisis” . This is the third strongest increase, after the United States and China.
Faced with this soaring inequality, Oxfam is taking up the proposals of economists Thomas Piketty and Gabriel Zucman in favor of an increase in taxes for the richest. “The corona crisis must mark a turning point in the taxation of the richest people and companies. It gives us the opportunity to finally establish fair taxation, end the race to the bottom and start a race to the top. This can take the form of increased wealth taxes, financial transaction taxes and tax avoidance measures, ”the report notes.
The NGO cites Argentina as an example, which in December adopted a law instituting an extraordinary tax on large fortunes, likely to bring in some three billion dollars, to finance the fight against the effects of Covid-19.