A Tax of 5% on The World’s Multi-Millionaires and Billionaires Could Raise $1.7 trillion, Enough to Lift 2 Billion People out of Poverty

Taxing the Ultra-Rich Could Lift 2 Billion Out of Poverty

A modest tax of up to 5% on the world’s multi-millionaires and billionaires could generate $1.7 trillion in revenue annually, enough to lift 2 billion people out of poverty, according to a new analysis by Oxfam.

The report highlights the extreme wealth inequality that has accelerated in recent years, with the richest 1% capturing nearly two-thirds of all new global wealth since 2020. Meanwhile, billionaire fortunes are increasing by $2.7 billion per day even as inflation outpaces wages for 1.7 billion workers worldwide.

“Taxing the super-rich is the strategic precondition to reducing inequality and resuscitating democracy,” said Gabriela Bucher, Executive Director of Oxfam International. “We need to do this for innovation. For stronger public services. For happier and healthier societies. And to tackle the…