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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.
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:
For the first time in more than a decade, the United Nations reported a sharp increase in hunger around the world.
"When looking at the outcomes of the Hamburg summit, we have to ask: ‘what did the G20 do to help the world’s poorest people?’ Sadly, the answer is ‘not much.’ The needs of the poorest were an afterthought. Despite the anger of many on the streets at the growing divide between the rich and poor, the G20 could only muster a tepid set of policies to tackle poverty and inequality.
The large protests and demonstrations expected to take place around the G20 summit in Germany are a reaction to the huge economic and social inequalities afflicting the world, warned Oxfam, while urging leaders to agree on a comprehensive plan to tackle inequality.
According to the Paris-based Organization for Economic Co-operation and Development, just one country fails to comply with international transparency standards, which Oxfam strongly disputes.
The World Bank and the International Monetary Fund cannot allow political and economic shocks to hijack their ambitions to combat climate change and curb inequality, warned Oxfam.
The 50 biggest American companies, including global brands Pfizer, Goldman Sachs, GE, Chevron, Wal-Mart, and Apple, stashed $1.6 trillion of US-based profits offshore – $200 billion more than the previous year – according to a new report by Oxfam.
Whistleblowers who expose tax dodging should be praised - not punished. Antoine Deltour and Raphaël Halet acted in the public interest - exposing corporate tax cheats who are depriving countries across Europe and the globe out of millions of Euros tax revenues. This is money which is desperately needed to pay for doctors, teachers and care workers.”