Oxfam has authored a new report that suggests that within the next 25 years Bill Gates, the founder of Microsoft will become the first trillionaire in the world. Oxfam which works to put an end to global poverty and advocates against growing income inequality released a briefing paper which says that since 2015 the wealthiest 1 per cent of the world’s population is richer than the remaining 99 per cent. The paper also said that 8 men possess the same wealth as the 3.6 billion people who make up the world’s poorest half.
The economic model is not working
Oxfam uses these statistics to illustrate the fact that the present economic model disproportionately benefits the world’s wealthiest whilst doing very little for those who are poor. According to the study, Mr. Gates wealth was predicted using the average rate of growth of his investments which grew by an average of 11 per cent since 2009. If Mr Gates fortune continues to grow at this the rate, the world’s wealthiest person valued at US$75 billion could easily become a trillionaire if he lives to 86.
Taxation needs to be fairer
Mr Gates has pledged to do good with his money and has established the Bill & Melinda Gates Foundation and is also the founder of The Giving Pledge which is committed to getting the world’s wealthiest people to dedicate the majority of their fortunes to philanthropy. Despite Mr Gates decision to donate his wealth to charity, the study did highlight the fact that his fortune has expanded from US$ 50 billion to $75 billion in the ten years since he left Microsoft. Oxfam is also in agreement with Mr Gates when they say that whilst charitable donations are a good thing, they are no substitute for fair taxation.
