World poverty can be snuffed out with one years earnings by G20 billionaires: Oxfam
Oxfam not only pointed out that that poverty can be removed from the face of the planet with just one year's earnings of the billionaires but also called for action on global debt that is draining vital resources which is more than the expenditure on education and health put together.
Kolkata: Extreme and growing inequality has long been a subject of research and debate among economists and policymakers and Oxfam has said in a report on Nov 20 that global poverty can be snuffed out by just one year's earnings by the billionaires in G20 economies. The global campaign group pointed out that these billionaires raked in as much as $2.2 trillion in 2024. "The annual cost to lift up the 3.8 billion people who currently live below the poverty line is $1.65 trillion," Oxfam said in a statement. Their total wealth rose from $13.4 trillion to $15.6 trillion in one year, said Oxfam.
The G20 includes 19 countries as well as the EU and African Union. Between them, they constitute 85% of global GDP. The 19 countries in G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the UK and the US.
First G20 in Africa
Oxfam has been campaigning for years against growing inequality and in its latest move, it supported a move according to which South Africa will present in a summit to be held in November 22-23 the setting up of an international panel to tackle inequality in a planned manner, which has been likened to the way the UN's IPCC has worked on the issue of tackling global warming.
"If the South African G20 establishes a new International Panel on Inequality it will be a tremendous step in addressing the inequality emergency," executive director Amitabh Behar of Oxfam said in the statement. The body also urged the world's billionaires to be "fairly taxed in order to help end poverty and fight the climate breakdown." The Oxfam is a Britain-based charity.
Call for action on debt
Oxfam also called for restructuring of global debt. It pointed out that more than 340 crore people live in economies that spend more money for repaying interest on loans than on education or health, which indicates a serious drain on wealth that could have improved their condition.
Significantly, the US, the country with the most billionaires is boycotting the meeting which is taking place in Johannesburg. Oxfam alleged that the US is championing "destructive policies -- from reckless tariffs to regressive tax breaks and cuts to life-saving aid". It further said that the US actions help raise inequality between the rich and the poor.
The G20 summit is being held in Africa for the first time. South Africa hopes that it will push issues facing the continent and developing countries in the "Global South". The baton of presidency of G20 will be handed over to the US in 2026.