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Did you know that half of the world?s wealth belongs to only 62 people? Yeah! You heard it right, that?s like some people on a bus among the 8 billion souls that live on this planet. The facts are shocking and a reason to think that why many people suffer from hunger, sickness, and depression. There have been many conferences like the G20 summit to tackle this issue, but the results are not likely in the favor of the people on the other some. Let?s know more about this issue in this article. 

In a report released by Oxfam, the wealth of the poorest half of the population has been reduced by one trillion dollars since 2019, representing a fall of 38%.For those who do not know what Oxfam is, well, Oxfam is a confederation of 20 independent charitable organizations focusing on the alleviation of global poverty, founded in 1942 and led by Oxfam International. It is a major nonprofit group with an extensive collection of operations. Winnie Byanyima has been the executive director of Oxfam International since 2013. 

The world population has grown by about 400 million people. Meanwhile, the wealth of the 62 richest people on the planet has increased by more than 500,000 million dollars, reaching the figure of 1.76 trillion dollars. The report also shows how inequality disproportionately affects women; Of the 62 richest people in the world, 53 are men and only 9 are women. 

The world leaders are increasingly talking about the need to tackle inequality and more often they have set global goals to reduce it, however, the results are hard to see. The reality is that the gap between the richest and the rest of the population has increased dramatically. The prediction in the report also states that in a short time the 1% would have more wealth than the rest of the world population. 

Winnie Byanyima, says: 

End of Fiscal Havens- Oxfam calls for urgent action against the crisis of extreme inequality, which endangers all the progress made over the last 25 years in the fight against poverty. As a priority, the organization calls for an end to the era of tax havens, increasingly used by rich people and large companies to avoid paying taxes that correspond to them fairly. As a result, governments have been deprived of essential resources to address poverty and inequality. 

It is estimated that, worldwide, there is a total of 7.6 trillion dollars of individual financial assets hidden in tax havens. If the benefits generated by this wealth were taxed, the governments would collect 190,000 million dollars more per year. Also, 30% of the financial assets of Africa are located in tax havens, which represent an estimated fiscal loss of 14,000 million dollars per year for African countries. This amount would be enough to guarantee health care for mothers and children, which could save the lives of four million children a year, and would allow enough teachers to enroll all African boys and girls. 

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