Oxfam: World far better with fewer billionaires
The Philippines could benefit from enacting a wealth tax as the country’s nine richest people have more wealth than 55 million other Filipinos, increasing inequality there
To create a more equitable society, Oxfam said on Monday that the number of billionaires should be cut in half by 2030 as the world’s top one percent grabbed nearly two-thirds of the $42 trillion in new wealth created since 2020.
In an Oxfam report titled “Survival of the Richest,” the Philippines could benefit from enacting a wealth tax as the country’s nine richest people have more wealth than 55 million other Filipinos, increasing inequality there.
Oxfam Pilipinas, citing data from the Forbes Billionaires List, inequality in the country is “starker,” with the number of Filipinos worth $5 million or P278.24 million having increased by 43.5percent during the previous ten years.
The report also mentioned that the poor people in the Philippines could not recover from the lingering impact of the Covid-19 pandemic and the high prices of commodities such as red onions.
“Inequality experienced in the Philippines is starker with the nine richest Filipinos having more wealth than the bottom half or 55 million of the population,” said Oxfam Pilipinas Executive Director Erika Geronimo.
“It is quite disheartening to see many (people die) due to lack of health care or are experiencing hunger amid high cost of food while the rich increased their wealth during the pandemic,” Geronimo added.
Top 9 richest Filipinos
The 2022 Forbes Billionaire’s List estimates the country’s nine richest to have cumulative wealth of $32.7 billion.
These people are Manuel Villar ($8.3 billion); Enrique Razon Jr. ($6.7 billion); Henry Sy Jr. ($2.8 billion); Andrew Tan ($2.8 billion); Hans Sy ($2.6 billion); Herbert Sy ($2.6 billion); Harley Sy ($2.4 billion); Teresita Sy-Coson ($2.4 billion); and Elizabeth Sy ($2.1 billion).
Oxfam said the proportion of people earning $5 million or more (P278.24 million) has climbed by almost half, or 43.5 percent, since 2012.
Geronimo said the way out of today’s converging difficulties is through taxing the extremely wealthy and large enterprises.
“It’s time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow ‘trickling down’ to everyone else,” Geronimo said.
“Forty years of tax cuts for the super-rich have shown that a rising ride doesn’t lift all ships — just the superyachts,” she added.
Filipino millionaires should be subject to a wealth tax, Geronimo said, which would bring in about $3.8 billion annually.
“This amount is enough to increase our health budget by two-fifths,” she said.
To stop crisis profiteering, Oxfam is urging countries to enact windfall taxes and one-time solidarity wealth taxes and raise taxes on the wealthiest one percent permanently.