maxlawsontin Profile picture
Jan 18, 2023 10 tweets 3 min read Read on X
My favourite charts from this year's Oxfam Davos report, Survival of the Richest. 1/9
Over the last decade, the richest 1% captured half of all new wealth. Since the beginning of the 2020's, this has accelerated to almost two thirds. 2/9
Like a mountain that keeps on growing, billionaire wealth has doubled over the last decade. Losses in the last year totally eclipsed by gains in 2020 and 2021. Billionaires are $2.6 trillion richer than before the pandemic. 3/9
One big reason- tax rates on the richest have fallen dramatically since 1980, whilst at the same time the share of income for the top 1% has increased. 4/9
This is a global phenomenon- top rates of tax have collapsed all over the world. 5/9
Many developing countries have huge potential to increase taxes on wealth, like property taxes 6/9
Or inheritance taxes. Half the world's billionaires, with assets of $5 trillion, live in countries with no inheritance tax for direct descendants- a new 21st century aristocracy in the making. 7/9
As we look to the future- we have a choice- will the billionaire mountain continue to grow, or will we see the other side and start on the road to a fairer world without billionaires? 8/9
As always a pleasure and a privilege to work with the many brilliant people inside and outside of Oxfam on this. 9/9 #FightInequality
For more brilliant inequality data and charts sign up to our all new substack Equals Bulletin equals.substack.com/p/a-mountain-o…

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More from @maxlawsontin

Sep 10, 2022
Climate change is a class issue not a country issue. In every society, the richest 10% are destroying our planet with abandon. 1/5
One of the most striking results shown in Figure 6.6 is the reduction in the emissions of about 15-20% of the world population, which largely corresponds to the working and middle classes in rich countries who have reduced their emissions over the past 30 years. 2/5
Meanwhile the richest in society dominate carbon emissions and need to make the biggest cuts to meet 1.5 degrees - this for the US 3/5
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