Ireland’s Top billionaires surpass wealth of half the nation
In a startling revelation, a recent report has exposed the staggering wealth disparity in Ireland, as Ireland’s top billionaires are amassing more wealth than the entire bottom half of the country’s population. The shocking findings further indicate that the top one percent of Ireland’s affluent population (Ireland’s top billionaires) holds a staggering 35 percent of the nation’s financial wealth.
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Proposals for a progressive wealth tax on Ireland’s top billionaires and millionaires are becoming more and more vociferous as the world’s elite gather at Davos. This proposed tax, if implemented, could generate a substantial €9.2 billion ($10.07 billion) annually, potentially providing a significant boost to public services and social welfare programs.
Oxfam Ireland, a leading charity advocating for social and economic justice, is urging the Irish government to address this alarming wealth gap. The organisation emphasises the need for a wealth tax and insists that no taxpayer money should be allocated to corporations that disregard their legal obligations. Oxfam Ireland is also pushing for increased empowerment of regulators, workers, and the Irish State to counter the influence of overreaching corporations.
The organisation said in a statement that we cannot have a society where a small number of people hold all the economic power. We, the people and the state, can take back our proper position. Oxfam Ireland further calls for collaborative efforts at both domestic and EU levels to break up monopolies, protect consumer rights, and safeguard the environment.
Concurrently, an Oxfam analysis showcases the phenomenal rise in wealth among the top five richest men globally, whose net worth has more than quadrupled to over €802 billion ($878 billion) in just the last three years. Meanwhile, the planet’s poorest 60 percent, approximately five billion people, have experienced a further decline in their already precarious financial situation.
The yawning chasm between the super-rich and the rest of the world has become more pronounced since 2020, coinciding with the onset of the COVID-19 pandemic. Oxfam’s study estimates that over 2,500 billionaires worldwide are now collectively €3 trillion ($3.28 trillion) richer than they were in 2020.
Tech magnate Elon Musk leads the pack as the world’s richest person, with his wealth skyrocketing from €22.4 billion ($24.52 billion) in March 2020 to an astounding €223.6 billion ($244.7 billion) by November last year. Following closely after are French business tycoon Bernard Arnault and Amazon founder Jeff Bezos, both of whom had a notable increase in wealth during that time.
While the wealthiest have prospered, Oxfam’s Inequality Inc report reveals that the wealth of the world’s poorest 4.77 billion people has declined by 0.2 percent since 2020. Aleema Shivji, the CEO of Oxfam, highlights the need to confront these extremes immediately, saying that the world cannot afford to see another ten years of divide. As discussions unfold at Davos, the spotlight is firmly on the need for meaningful global action to address rampant wealth inequality and promote economic justice for all.
