A large part of the rich people of the Western world, especially the rich people of Europe, have inherited their wealth. A large part of their wealth came from the colonial period. During the colonial period, a huge amount of wealth from Africa, the Indian subcontinent and the countries of the South went to the rich people of the Western countries. Similarly, this exploitation of wealth is going on even today.
This is what an Oxfam report published on Monday said. The report says that the wealth of billionaires is increasing rapidly around the world. In 2024 alone, their total wealth in the world increased by two trillion US dollars. That is, their wealth increased by an average of 5.7 billion dollars every day.
The wealth of billionaires grew three times faster last year than the previous year, according to UK-based Oxfam; the number of billionaires has also increased.
The report says that in 2023, there were 2,565 billionaires in the world. Last year, that number increased to 2,769. That is, about four people increased their wealth every week last year and joined the group of billionaires.
In another year, the total wealth of billionaires increased from $13 trillion to $15 trillion.
In 2023, there were 2,565 billionaires in the world. Last year, that number increased to 2,769. That is, about four people increased their wealth every week last year and joined the group of billionaires.
Oxfam has explained where these extremely rich people got or are getting so much wealth. A large part of these rich people, especially the rich in Europe, inherited these assets from their families and part of their wealth came from the colonial period.
For example, the wealth of French ‘media mogul’ Vincent Bolloré. A large part of his wealth came from the income of his various companies in Africa during the colonial period.
Oxfam has said that this exploitation of wealth is still going on today. Their report says that through this exploitation, huge amounts of money from the countries of the global south are still going to the countries of the world’s west and north and their citizens.
Oxfam describes this as modern-day ‘colonialism’. In modern colonialism, this exploitation is carried out by creating a controlled financial system.
According to the Oxfam report, in 2023, the richest 1% of the northern countries like the US, UK and France will be taking 30 million US dollars every hour from the countries of the south through this financial system.
These northern countries control 69 percent of the world’s total wealth. 77 percent of the total wealth of billionaires is in these countries. 68 percent of the billionaires live in the northern countries. However, only 21 percent of the world’s population lives in these countries.
In 2023, the richest 1% of the northern countries like the US, UK and France will be taking 30 million US dollars every hour from the countries of the south through this financial system.
Oxfam’s report, titled ‘Takers Not Makers’, also gives examples of how rich countries have exploited wealth from their colonies during the colonial period.
The report says that 10 percent of the UK’s richest people got half of their wealth from India during the colonial period. India was a British colony for more than a century. During that time, the British took $6.482 trillion worth of wealth from India to their country. Of that wealth, $3.38 trillion went to the richest 10 percent of the UK. If this money were exchanged for 50 pounds, that note would cover the entire city of London almost four times.
Oxfam has calculated that 36 percent of the wealth of billionaires, not only in the UK, but also in the entire world, came from inheritance.
According to a study by Forbes, all the billionaires under the age of 30 inherited their wealth.
According to statistics from UBS, an international investment firm, more than $520 trillion of the wealth of today’s more than 1,000 billionaires will pass into their inheritances over the next two to three decades.
Ten percent of the UK’s richest people got half of their wealth from India during the colonial period. India was a British colony for more than a century. During that time, the British took $6.482 trillion worth of wealth from India to their country.
The world has seen hundreds of billionaires, but has yet to see a million-dollar millionaire. However, the day is not far off when the wealth of a single person will reach the homes of a million-dollar millionaire. The Oxfam report has predicted that.
According to Oxfam’s forecast, the world will see at least five million-dollar millionaires in the next decade. In 2023, the organization predicted that there would be one million-dollar millionaire in the next decade.
Oxfam also suggested how to stop the billionaires from accumulating this wealth and reduce the gap between the rich and the poor.
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The wealth of the rich has increased by $42 trillion in 10 years: Oxfam
28 July 2024
The wealth of the rich has increased by $42 trillion in 10 years: Oxfam
According to the Oxfam report, governments of various countries must reduce the income gap between the rich and the poor in their own countries and globally. For this, measures must be taken so that the income of the top 10 percent of people in society does not exceed the income of the bottom 40 percent of people in society. The World Bank believes that if income inequality can be eliminated, poverty can be eliminated three times faster.
In addition, by collecting more taxes from the rich, they can be prevented from becoming excessively rich. At the same time, places and systems where taxes are not paid should be abolished. Oxfam analysts have found that half of the billionaires live in countries where direct inheritance taxes are not paid.
Oxfam believes that the flow of wealth from southern countries to northern countries should also be stopped.
