World's wealthiest saw their fortunes increase by $2.5 billion a day in 2018: Oxfam

While the poorest half of the world was scraping by on less than $5.50 a day in 2018, the world’s billionaires saw their wealth increase by $900 billion — or $2.5 billion a day.

That’s according to a new report released Monday from Oxfam a day ahead of the start of the World Economic Forum in Davos, Switzerland. The report reveals that the number of billionaires has nearly doubled since the financial crisis, with a new billionaire created every day between 2017 and 2018. On a percentage basis, the world’s wealthiest saw their fortunes rise 12% last year, while the poorest — 3.8 billion people— experienced an 11% drop.

... snip ...

Oxfam’s chief complaint is that wealthy individuals and companies are paying the lowest rates of taxes in decades. “For example, the top rate of personal income tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013. The average rate in poor countries is just 28 percent,” it said.

In the U.S., Oxfam notes the top rate of personal income tax in the U.S. was 94% in 1945, and as recently as 1980 it was 70%. Presently, it sits at 37%, said Oxfam. In developing countries, the average top rate of personal income tax is even lower, at 28%, and for corporate tax it’s 25%.



More at https://www.marketwatch.com/story/worlds-wealthiest-saw-their-fortunes-increase-by-25-billion-a-day-in-2018-oxfam-2019-01-21