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Questions and Answers
True or false:The wealthiest 1% of the world's population saw a decrease in their wealth in 2018.
False
True or false: A wealth tax on the 1% could provide enough funding to educate every child not in school and prevent 3 million deaths.
True
True or false: The number of billionaires owning as much wealth as half the world's population increased in 2018.
False
True or false: The financial crisis caused a decrease in the number of billionaires across the globe.
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True or false: The poorest 10% of Britons pay a lower effective tax rate than the richest 10%.
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True or false: Oxfam calls for fairer taxation on corporations and the richest individuals' wealth to fund high-quality, universal public services.
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True or false: Thomas Piketty has called for a global wealth tax to address the inequality trend.
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True or false: Developed nations meeting their overseas aid commitments could raise the missing billions needed to tackle extreme poverty in the poorest countries.
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True or false: The gap between the rich and poor is not hindering the fight against poverty, according to Oxfam.
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True or false: Over 2,200 billionaires saw an increase in their wealth in 2018, while the poorest half of the world's population experienced a decrease.
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Study Notes
- The 26 richest billionaires own as many assets as the poorest half of the world's population, consisting of 3.8 billion people.
- Oxfam reports that the gap between the rich and poor is hindering the fight against poverty, with the wealthiest 1% owning 12% more wealth in 2018.
- A wealth tax on the 1% could raise an estimated $418bn a year, enough to educate every child not in school and provide healthcare that would prevent 3 million deaths.
- Over 2,200 billionaires across the globe saw their wealth increase by $900bn in 2018, while the poorest half of the world's population saw an 11% decrease in their wealth.
- The number of billionaires owning as much wealth as half the world's population fell from 43 in 2017 to 26 last year.
- In the 10 years since the financial crisis, the number of billionaires has nearly doubled, with a new billionaire created every two days in 2018.
- The report highlights the unfair taxation system, with the poorest 10% of Britons paying a higher effective tax rate than the richest 10%.
- Oxfam calls for governments to fund high-quality, universal public services through tackling tax dodging and ensuring fairer taxation, including on corporations and the richest individuals' wealth.
- The French economist Thomas Piketty has called for a global wealth tax to arrest the trend in inequality.
- Developed nations failing to meet their overseas aid commitments could raise the missing billions needed to tackle extreme poverty in the poorest countries by increasing taxes on extreme wealth.
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