A new report from Oxfam has found 26 people now own the same wealth as the poorest half of the world, down from 43 in 2017, CNBC reports.
Published on Monday, the charity’s research revealed that billionaire fortunes rose by $2.5 billion per day in 2018, increasing 12 percent for the year as the poorest half of the world saw its wealth decline by 11 percent.
The report, titled “Public Good or Private Wealth,” comes at a time when delegates are gathered in Davos, Switzerland, for the World Economic Forum.
Oxfam urged governments to hike tax rates for corporations and the world’s richest to tackle the growing wealth gap.
Governments are fueling inequality by underfunding public services whilst “under taxing” corporations and the wealthy and failing to clamp down on tax evasion, the report alleged.
While a new billionaire was being created every two days, Oxfam said the tax rates being applied to those individuals had fallen to their lowest in decades.
According to the report, adding half a percent to taxes on the wealth of the world’s richest 1 percent would raise more than enough money to educate 262 million children and provide health care that would save 3.3 million lives.