JOHANNESBURG / LONDON (IT BOLTWISE) – The upcoming G20 summit in Johannesburg is putting growing wealth inequality in focus. Oxfam criticizes the growing gap between the super-rich and the rest of the world’s population and calls for measures to combat poverty. A recent report shows that the wealth of billionaires in the G20 countries has increased by $2.2 trillion, enough to lift 3.8 billion people out of poverty.
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Rising wealth inequality is a key issue at the upcoming G20 summit in Johannesburg. In a recent report, the development organization Oxfam pointed out the dramatic increase in the wealth of billionaires in the G20 countries. Last year, that wealth increased by $2.2 trillion, which would be enough to lift 3.8 billion people out of global poverty.
The G20 summit offers a platform to counteract growing inequality. Oxfam is calling on world leaders to establish an international body to combat inequality and promote greater taxation of the super-rich. The organization emphasizes that tackling inequality should be made a central theme of the summit.
The annual cost of lifting the 3.8 billion people living below the World Bank’s expanded poverty line of $8.30 a day out of poverty is $1.65 trillion. This figure highlights the urgency with which the international community must act to reduce the gap between rich and poor.
Oxfam’s report shows that the total wealth of billionaires grew by 16.5 percent in a year, from $13.4 to $15.6 trillion. This development highlights the need to make structural changes to achieve a more equitable distribution of wealth.
Discussions at the G20 summit could be crucial in opening up ways to reduce global poverty. Experts emphasize that greater taxation of the super-rich and the creation of international mechanisms to combat inequality could be crucial steps in this direction.
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