Dublin: A quarter of Ireland’s wealth is owned by one percent of the population, according to an Oxfam report. As per the report, these wealthiest individuals own more than 232 billion euros. Based on the research, the country’s two richest people have more wealth than the poorest half of the population. They have a total of 15 billion euros. The report points out that these wealth figures are shocking in a world where 800 million people go hungry every day.
A third of every €93 in Ireland went to the richest 1 percent, the study found. According to the study, 50% of this went to those with less than 50%.
Oxfam’s study shows that the richest one percent have made 70 times more wealth than the top 50% of the country in the last 10 years. Both groups have grown fatter in the last ten years. The figures also show that their numbers have more than doubled during this period. According to statistics, 1,435 people in Ireland have more than £47 million, while 20,575 have more than £4.7 million.
This international report was released in connection with the World Economic Forum’s annual meeting in Davos. By compiling data from the last quarter-century, the study titled “Survival of the Super Rich” confirms that the rich are getting richer while the poor are getting poorer.
Two-thirds of the wealth is concentrated in the top 10%.
According to the report, the top 10% own two-thirds of the country’s wealth. They currently hold 547 billion euros. According to the report, 50% of Irish citizens own only 1% of the country’s wealth.
The study, which is based on data from Forbes, Credit Suisse, and Wealth-X, this wealth has decreased slightly compared to last year. They also revealed that eight of the country’s wealthiest people own more than a billion euros.
Oxfam Ireland CEO Jim Clarken said that growing wealth and rising poverty are two sides of the same coin, and Ireland’s economic system is proof of that.
More shocking figures of wealth.
According to an Oxfam report, the richest one percent of the world’s population has amassed twice as much wealth as the rest of humanity combined over the last two years.
The fortunes of billionaires are increasing by $2.7 billion per day. According to the report, food and energy companies’ profits more than doubled in 2022, earning 257 billion euros for their wealthy shareholders.
According to the report, a wealthy individual has enough money to last a lifetime or two. The Oxfam study calls for an international approach to levying more taxes on the super-rich, using higher taxes and temporary windfall taxes.
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