Ten years ago, Oxfam first sounded the alarm at the World Economic Forum, about extreme levels of inequality. Since then, billionaires have almost doubled their wealth and astoundingly since 2020, the richest 1% have snatched-up almost twice as much as the rest of the world combined. Christian Hallum, Tax Justice Lead, spoke about the details of the Oxfam report.

Hundreds of millions are facing impossible rises in the cost of living, and millions are reeling from the pandemic which has already killed over 20 million people. These crises all have winners. The very richest have become dramatically richer and corporate profits have hit record highs, driving an explosion of inequality.

The very existence of billionaires and record profits while poverty and inequality are both on the rise damning proof of a failing economic system. As a starting point toward reducing extreme inequality, the world should aim to dramatically reduce the wealth and number of billionaires between now and 2030, both by increasing taxes on the top 1% and adopting other billionaire-busting policies.