each of them “represents a failure of public policy”

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Abolish “the billionaires and, with them, ” economic inequalities (which) have reached extreme and dangerous levels “: this is the idea put forward by the NGO Oxfam at the time when the Davos Forum opens in Switzerland, bringing together economic and political elites.

Every billionaire represents a failure of public policy “says the NGO Oxfam in a report. Driven by soaring stock market prices, large fortunes have soared over the past ten years: “ out of $100 of wealth created, $54.4 went into the pockets of the top 1%, while 70 cents went to the bottom 50% “.

Billionaires have doubled their fortunes, while growing in number “says Oxfam whose director general, Gabriela Bucher, is invited to Switzerland. ” Extreme concentration of wealth undermines economic growth, corrupts politicians and the media, corrodes democracy and increases polarization “, writes the NGO, hammering that inequalities have become “ an existential threat to our societies, crippling our ability to end poverty », and put « the future of the planet (…) in danger “.

French billionaires are getting richer

In France, according to the calculations from Oxfam, five out of six French billionaires have become richer since the start of the pandemic. ” The top ten French billionaires alone have made 189 billion euros since 2020, enough to cover the gas, electricity and fuel bills of all French households for two years.

According to the international organization, taxation has a role ” crucial to play in order to reduce the number of billionaires on the planet, and must affect the income and capital of the wealthiest. Among the measures proposed in this report, an exceptional tax on wealth, a tax on dividends, and an increase in taxation on the income from work and capital of the richest 1%.

The “superprofits” of companies are also in the sights

Capital, a financial manna “ much more important than wages ” for large fortunes, must be taxed more on the gains made, in particular thanks to the sale of shares, but also by the simple possession, underlines the organization.

The ” superprofits Companies are also in the sights of Oxfam, which is proposing to tax windfall profits more, like the billions recorded by oil groups in recent months thanks to soaring energy prices, against a backdrop of war in Ukraine.

According to the NGO, these measures would bring back the fortunes of billionaires and their number to what they were in 2012, before the numbers got carried away.

According to a survey by the Davos Economic and Social Forum, inflation runs a ” planetary risk »

According to a survey by the Davos Economic and Social Forum, carried out among 1,200 experts, it is ” the cost of living crisis which is the number one global risk for the next two years. This risk, which creates strong tensions in many regions of the world by pushing millions of people into extreme poverty while fueling societal tensions, exceeds that of natural disasters and extreme climatic events, however identified as the greatest risk of long term.

The fortunes of Chinese and Russian billionaires are withering, that of the Americans resists

According to a UBS study published last December, Chinese billionaires, due to the “zero Covid” policy, have seen their fortunes wither “after a decade of significant growth”. Their estimated fortune declined by 19.9% ​​to $2 trillion between the end of March 2021 and the end of March 2022, according to the Swiss bank. Their number has also decreased, with 86 fewer billionaires, for a total of 540.

Russian billionaires have seen their fortunes melt by more than 43.5%, according to the bank, which estimates their cumulative assets at $326.9 billion over the same period. Russia had only 83 billionaires left at the end of March 2022, according to the bank’s count, 34 fewer than at the end of March 2021. India, on the other hand, which has risen to the rank of fifth world power, has seen the emergence of 26 new billionaires, bringing their number to 166 with a total fortune valued at 749.8 billion dollars, up 25.7% between the end of March 2021 and the end of March 2022.

In the United States, where a third of the billionaires in the world are concentrated, their cumulative fortune has, conversely, increased by 6.9% to 4,700 billion dollars, but this count was made before the stock market crash. shares of American tech giants which cost tens of billions of dollars in 2022 to emblematic bosses like Elon Musk or Jeff Bezos. This fortune stagnated in Western Europe at 2.3 trillion dollars over the same period. In total, the study counted 2,668 billionaires in the world at the end of March 2022, or 87 less than a year earlier.

(With AFP)