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The International Consortium of Investigative Journalists (ICIJ) published a new report today exposing the wealthy individuals and multinational corporations using tax havens to avoid paying their fair share of tax. Susana Ruiz, Oxfam International’s Tax Policy Lead, said: “This is another shocking exposé of the oceans of money sloshing around the darkness of the world’s tax havens that must prompt immediate action, as has long been promised."  

A one-off 99 percent levy on billionaires’ wealth gains during the pandemic could pay for everyone on Earth to be vaccinated against COVID-19 and provide a $20,000 cash grant to all unemployed workers, according to new analysis released today by Oxfam, the Fight Inequality Alliance, the Institute for Policy Studies and the Patriotic Millionaires.

Today, a group of 83 millionaires from seven countries, the “Millionaires for Humanity”, released an open letter to governments, calling for a permanent tax increase on the very wealthiest to help pay for the global recovery from the COVID-19 crisis.

The G7 must pursue windfall taxes on excess corporate profits including from those making huge returns from surging food and energy prices. The revenues can be used to fund an end to global hunger and to tackle climate change, says Oxfam.

Today, the European Commission presented a coronavirus crisis recovery package for the EU.

In response to Jeff Bezos’ space flight scheduled for Tuesday, Deepak Xavier, Oxfam International's Global Head of Inequality Campaign, said: "We’ve now reached stratospheric inequality. Billionaires burning into space, away from a world of pandemic, climate change and starvation. 11 people are likely now dying of hunger each minute while Bezos prepares for an 11-minute personal space flight. This is human folly, not human achievement."

The recovery fund and long-term EU budget agreed today do not match the urgency of our current situation and the challenges ahead, said Oxfam.

Rich and poor countries alike have exacerbated an explosion of economic inequality since the outbreak of the pandemic from 2020, reveals new research by Oxfam and Development Finance International (DFI). 

For every new billionaire created during the pandemic — one every 30 hours — nearly a million people could be pushed into extreme poverty in 2022 at nearly the same rate, reveals a new Oxfam brief today. “Profiting from Pain” is published as the World Economic Forum — the exclusive get-together of the global elite in Davos — takes place for the first time face-to-face since COVID-19, a period during which billionaires have enjoyed a huge boost to their fortunes. 

While the United States faces the deepest economic downturn since the Great Depression because of COVID-19, a subset of corporations is reaping dramatic profits that are flowing to their already wealthy, mostly white male shareholders, further exacerbating existing inequalities, according to a new analysis released by Oxfam today.