To combat global inequality, the Oxfam organization is calling for greater taxation of corporations and very high wealth at the start of the World Economic Forum. “It is unacceptable that corporations and the billionaires behind them are making record profits while millions of people are skipping meals, turning off the heat, falling behind on their bills and wondering what to do next to survive ‘ said Manuel Schmitt, social inequality officer at Oxfam Germany.

Governments urgently need to take countermeasures and hold corporations and the super-rich to account. Wealth tax must be reintroduced in Germany. In addition, a one-off tax on very high assets and an excess profit tax for corporations are announced.

At the beginning of the annual meeting of the World Economic Forum (WEF) in Davos, the organization critical of capitalism presented a report on those who profited from the global crises. Accordingly, the corona pandemic and rising prices for energy and food have recently fueled poverty and social inequality. More than a quarter billion people worldwide are at risk of falling into extreme poverty this year. Poorer countries also increasingly threatened to suffocate under their debt burden.