The wealth of the world’s billionaires grew at roughly $5.7 billion (€5.5 billion) per day last year, according to Oxfam’s annual report on the financial affairs of the richest people on earth.
Meanwhile, the number of people living in poverty has barely changed since 1990, according to the World Bank.
Oxfam’s latest research reveals the number of Irish billionaires has risen from nine to 11 in the past year, and that their combined wealth has increased by more than a third to just over €50 billion.
Oxfam is using the report, issued to coincide with the annual Davos gathering of the super wealthy, to argue for new taxes on the rich. But, while better-off people generally pay more tax on their incomes, the world’s billionaires pay extremely low levels of income tax and, on some occasions, none at all.
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How does a system exist where the super wealthy pay a lower tax rate than a teacher or a retail worker?
And will a tax for the super-rich ever happen or are things only going to get worse with Donald Trump sitting in the White House, surrounded by billionaires?
Irish Times writer specialising in economics and finance Cliff Taylor explains why the richest people on earth are able to avoid paying tax.
Presented by Sorcha Pollak. Produced by Suzanne Brennan
