Oxfam reaction to the G7 communiqué

Published: 25th May 2024


In response to the communiqué published following today’s meeting of G7 Finance Ministers and Central Bank Governors, Oxfam International’s Tax Policy Lead, Susana Ruiz, said:

“That conversations about taxing the super-rich are happening at the G7 and G20 is historic. A majority of people, across party lines and across countries, support proposals to fairly tax the rich.

“The G20 effort to tax the super-rich led by Brazil is building momentum. It is positive to see Finance Ministers want to advance tax cooperation under the G20, and step up efforts to tax the super-rich.

“We absolutely need to tax the richest in every country ―and governments, including the US, need to recognize that international coordination will help them do so. That’s why Brazil’s leadership, supported by France and others, to get to a shared global set of standards for countries is vital. It’s in the interest of every country.

“As Oxfam we are calling for any global deal to tax the super-rich to be substantial and ambitious enough rate to bring down inequality. For example, an annual net wealth tax of more than 8 percent would be needed to reduce billionaire wealth.”
 

Notes to editors

Polling consistently finds that most people across countries support raising taxes on the richest. For example, the majority of people in the US, 80 percent of Indians, 85 percent of Brazilians and 69 percent of people polled across 34 countries in Africa support increasing taxes on the rich.

Nearly three-quarters of millionaires polled in G20 countries support higher taxes on wealth, and over half think extreme wealth is a “threat to democracy.” 72 percent think that extreme wealth helps buy political influence.

Oxfam has calculated that to keep billionaires’ wealth constant over the last two decades, we would have needed an annual net wealth tax of more than 8 percent across all countries. To keep their wealth constant between 2016 and 2021, we would have needed an annual net wealth tax of 12.8 percent.
 

Contact information

Maria Teresa Alvino in Italy | mariateresa.alvino@oxfam.it | +39 348 9803541
Annie Thériault in Peru | annie.theriault@oxfam.org | +51 936 307 990