In the wake of a new Oxfam report highlighting the global wealth distribution, German Federal Minister of Economic Affairs and the Climate Svenja Schulze has called for a millionaire’s tax. The Social Democratic Party politician emphasized that the extremely wealthy must contribute more to the common good, through investments in education, climate protection, and healthcare.
Schulze criticized the report’s findings, stating that the wealth of a few individuals is taking on increasingly extreme proportions, while a third of the world’s population remains in poverty. The top billionaires, she noted, are growing richer by an average of $100 million daily, which is not only unjust but also hinders sustainable development for all.
The minister pointed out that the majority of billionaires currently pay lower taxes than a doctor or a cleaning worker, as a percentage of their income. “Even with very low tax rates on the wealth of the ultrarich, many problems could be solved” she said, expressing support for South Africa, the current G20 president, in its efforts to establish a global minimum tax on billionaires. Oxfam is set to release its inequality report on Monday, coinciding with the start of the World Economic Forum in Davos.