wealth

Only 3 percent of the more than 1,000 tax recommendations made by the International Monetary Fund (IMF) to governments in recent years focus on taxing wealth and income from wealth, new analysis by Oxfam reveals ahead of the IMF and World Bank Spring Meetings in Washington, D.C.

The amount of untaxed wealth hidden offshore by the richest 0.1 percent exceeds the entire wealth of the poorest half of humanity (4.1 billion people), reveals new Oxfam analysis published today ahead of the 10th anniversary of the Panama Papers. The findings show that, a decade later, the super-rich continue to exploit offshore systems to evade taxes and conceal assets, highlighting the urgent need for coordinated international action to tax extreme wealth and end the use of tax havens.

Average global CEO pay hit $4.3 million in 2024, reveals new analysis from Oxfam ahead of International Workers’ Day (1 May). This is a 50 percent real-term increase from $2.9 million in 2019 (adjusted for inflation) —a rise that far outpaces the real wage growth of the average worker, who saw a 0.9 percent increase over the same five-year period in the countries where CEO pay data is available.

Experts from Oxfam will be present at the upcoming G20 Leaders’ Summit in Rio de Janeiro, Brazil, where they will be available for interviews about their key areas of expertise, including inequality, taxation, hunger, and climate justice. 

EU governments are losing out on a staggering 286.5 billion euros in revenue annually, equivalent to 33 million euros per hour, due to their failure to fairly tax Europe’s wealthiest. This amount, equivalent to Finland’s GDP, represents what a European wealth tax of up to 5 percent could raise every year, according to Oxfam’s analysis. 

A staggering new poll has revealed that support for higher taxes on wealth is popular with dollar millionaires from across G20 countries. It comes as 260 millionaires and billionaires have signed a new letter demanding world leaders increase their taxes, to coincide with the World Economic Forum in Davos, Switzerland. The polling is part of the “Proud to Pay More” report, published alongside the letter, which profiles some of the world’s wealthiest people on why they support higher taxes on themselves.

The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 —at a rate of $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. If current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years.

Pressure is piling on the G20 to lead a global push to increase taxes on the richest citizens back to past levels that most people believe were fairer and more useful for society. 

The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth. 

A group of over 100 millionaires and billionaires from nine countries published today an open letter to government and business leaders, calling for permanent annual wealth taxes on the very richest to help reduce extreme inequality and raise revenue for sustained, long-term increases in public services like healthcare.