The gap between the rich and poor continues to widen, with official statistics revealing that the 45 wealthiest Germans are richer than the poorer half of the population in the country. According to new studies by the emergency aid organization Oxfam and the German Institute for Economic Research (DIW), while the rich hoard more money, more and more people are living at the poverty line. In Germany alone, the 45 richest people own more money than the poorer half of the population, amounting to over 245 billion euros. This trend is not unique to Germany, as globally, the richest one percent of the world’s population earned 82 percent of the wealth generated last year, while around 3.7 billion people, or half of the world’s population, did not benefit from economic growth.
Oxfam reports that the wealth of the richest one percent increased by 22 percent from 2016 to 2017, while the poorer half of the population only saw a three percent increase. However, the rich also pay more taxes, with the top one percent contributing to around 22.2 percent of the total income tax revenue, and the top ten percent contributing to 55.3 percent, according to the Ministry of Finance. Experts have long been discussing ways to address the imbalance in the world and prevent the gap between the rich and poor from widening further.
The issue of income inequality is a pressing concern, with the rich getting richer while the poor struggle to make ends meet. The statistics from Oxfam and DIW highlight the urgent need for action to address this issue, both in Germany and globally. It is crucial to find ways to ensure that economic growth benefits everyone, not just the wealthy few, and to create a more equitable society where everyone has access to basic necessities and opportunities for a better life.
