Unbelievable Inequality: How the Top 1% Outpaced the Bottom 50% by 34 Times

Oxfam has revealed that the wealth accumulated by the richest 1 percent of the global population has surged to 42 trillion dollars over the past decade, which is nearly 34 times more than the wealth held by the bottom 50 percent. This finding was disclosed ahead of the G20 finance ministers and central bankers meeting starting today in Rio de Janeiro.

The report indicates that the average per capita wealth for the top 1 percent increased by nearly 400,000 dollars over the decade, in stark contrast to a mere 335 dollars, or about 9 cents a day, per person in the bottom half of the wealth distribution.

During their meeting in Rio, G20 finance ministers are anticipated to discuss the foundations for a global agreement to increase taxes on the super-rich. This proposal, introduced by Brazil and supported by South Africa and France, aims to address global inequality.

Max Lawson, Oxfam's Inequality Director, criticized the current situation, stating, "Inequality has reached grotesque levels, and governments are failing to shield people and the planet from its devastating effects. The wealthiest 1 percent continue to amass more wealth, leaving the rest to struggle."