The world's richest one per cent have captured two-thirds of new global wealth since 2020, a new report by Oxfam has said.
It said economic crises including a surge in food and energy prices had led to "dramatic gains for many at the top".
The report called Survival of the Richest said extreme poverty and vast wealth had increased simultaneously for the first time in a quarter of a century.
According to Oxfam's analysis, the richest group gained £21 trillion in new wealth over the past two years, which equates to almost two thirds of all new revenue. The number and wealth of billionaires doubled over the past decade.
In the UK, the analysis found, the richest 1 per cent of people are now wealthier than 70 per cent of the population combined.
The richest 685,500 people in Britain are worth a total of £2.8 trillion ($3.4 trillion), compared with 48 million people in the UK whose combined wealth totals £2.4 trillion.
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At the same time, at least 1.7 billion workers now live in countries where inflation is outpacing wages, and more than 820 million people — about one in 10 people on Earth — do not have enough food.
Oxfam is calling for a wealth tax of up to 5 per cent on the super-rich to raise £1.4 trillion each year, which the charity says is enough to lift two billion people out of poverty.
Danny Sriskandarajah, Oxfam's chief executive for Britain, criticised governments for failing to tackle financial inequality, describing the current economic situation as “an affront to basic human values”.
“Multiple crises have pushed millions to the brink while our leaders fail to grasp the nettle," Mr Sriskandarajah said.
"Governments must stop acting for the vested interests of the few.
“How can we accept a system where the poorest people in many countries pay much higher tax rates than the super-rich?
“A flour seller Oxfam works with in Uganda pays 40 per cent tax each month, while some billionaires’ true tax rates have been as low as 3 per cent.
“Governments must introduce higher taxes on the super-rich now.”
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Along with Patriotic Millionaires and Tax Justice UK, Oxfam is pushing for one-off “solidarity wealth taxes”, and a permanent increase on tax for the richest 1 per cent to at least 60 per cent of their income from labour and capital, with higher rates for billionaires.
Their campaign is supported by Ian Gregg, former managing director of Greggs and the son of its founder, who believes he should be paying more tax.
“I can never be happy with an economy that fosters such division in society for our children and grandchildren," Mr Gregg said.
“Now, more than ever, the wealthiest must contribute more.
“For me, paying more tax would be a small price to pay to start the process of making society fairer, and reducing inequalities in both wealth and opportunity.”
Oxfam also found that 95 food and energy corporations more than doubled their profits in 2022, making £251 billion in profits and paying 84 per cent of this sum to rich shareholders.
The charity said that excess corporate profits had driven at least half of inflation rates in Australia, the US and the UK.
Some progressive governments have taken steps to increase taxation, including Costa Rica, which increased its top rate of income tax from 15 per cent to 25 per cent.
Bolivia and Argentina have also introduced wealth taxes.
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Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
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