Wealth of the super rich balloons by £21 trillion

The super rich just keep getting richer. And calls for wealth taxes are growing louder.

Since the start of the Covid pandemic, the world’s richest 1% have increased their wealth by a staggering £21 trillion – enough to lift 2 billion people out of poverty. That’s the shocking finding of a new report from Oxfam.

The report showed that the UK’s richest 1% are now worth £2.8 trillion, making them wealthier than two thirds of the UK population combined, as the Mail reported.

Rise in extreme poverty

Not only are the rich getting richer, but the poor are getting poorer.

Oxfam said the rise in extreme wealth was being accompanied by a rise in extreme poverty globally for the first time in a quarter of a century. 

The charity is calling for the introduction of global wealth taxes on the super rich to reverse this rise in extreme inequality. And they are getting some important backers.

In October we set out five wealth policies that could raise £37 billion a year in the UK.

Big backers for wealth taxes

Tech billionaire Bill Gates backed the Oxfam report and said last week he supported the introduction of greater taxes on wealth.

While 200 millionaires from around the world have demanded leaders gathering at Davos this week consider wealth taxes. The Guardian newspaper also came out in favour in an editorial this week.

Bussinessman Ian Gregg, former director of highstreet baker Greggs, also said he supported our call for wealth taxes in a video in the UK this week.

Pressure is growing on governments around the world to take action on soaring wealth inequality. Public support for wealth taxes is spreading.