In a report released Monday by Oxfam, the world’s richest 1% have claimed two-thirds of all new wealth globally since 2020.
The report also stated that food and energy companies were able to double their profits in 2022 despite high inflation across the world. In the U.S., food prices increased 10.4%, while energy costs were up 7.3% in 2022, according to the consumer price index for December 2022.
The data indicates that over the last few decades, tax rates for the wealthy have decreased. Oxfam’s data indicates that this is especially true in poorer nations which have the largest issues with inequality.
The data’s release coincides with the start of the World Economic Forum in Davos, Switzerland. The event gathers global economic leaders to discuss pressing issues across the globe.
One major issue being discussed at the gathering is a possible global recession.
“Leaders must look beyond today’s crises to invest in food and energy innovation, education and skills development, and in job-creating, high-potential markets of tomorrow. There is no time to lose,” said Saadia Zahidi, managing director at the World Economic Forum.