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Eighty two per cent of the wealth generated last year went to the richest one per cent of the global population, while the 3.7 billion people who make up the poorest half got nothing, according to a new Oxfam report released today. The report is being launched as political and business elites gather for the World Economic Forum in Davos, Switzerland.
A staggering 28 per cent of all wealth created in New Zealand in 2017 went to the richest 1 per cent of Kiwis. While the 1.4 million people who make up the poorest 30 per cent of the population got barely 1 per cent, according to new research released by Oxfam today.
Last year saw the biggest increase in billionaires in history, one more every two days. This huge increase could have ended global extreme poverty seven times over. 82% of all wealth created in the last year went to the top 1%, and nothing went to the bottom 50%.
Dangerous, poorly paid work for the many is supporting extreme wealth for the few. Women are in the worst work, and almost all the super-rich are men. Governments must create a more equal society by prioritizing ordinary workers and small-scale food producers instead of the rich and powerful.
Online retailer Amazon has received 250 million euros in illegal state aid from Luxembourg, the European Commission said today. This is the fifth high-profile decision on tax deals, like the one between the Irish government and Apple.
In response, Aurore Chardonnet, Oxfam EU policy advisor on inequality and tax, said:
Making Tax Vanish - How the practices of consumer goods MNC RB show that the international tax system is broken
Big business is able to take advantage of loopholes in global tax laws and avoid tax on a massive scale. This deprives governments around the world of the money they need to tackle poverty and inequality. It means there is less for them to invest in healthcare, education and jobs.
This report examines the failings of the global tax system that facilitate mass tax avoidance. It looks at one example of a multinational company (MNC) that Oxfam thinks is not paying its fair share and gives an overview of its practices in New Zealand.. It calls on the New Zealand government and business to implement the reforms that are needed to stop MNCs from avoiding paying their fair share of tax in the future.