The world’s richest one per cent raked in 82 per cent of the wealth created last year, while the poorest half of the population received none, Oxfam said on Monday, as the world’s elite prepared to gather at the World Economic Forum in Davos.
A new report from the charity also found that the wealth of billionaires has grown six times faster than that of ordinary workers since 2010, with another billionaire minted every two days between March 2016 and March last year.
Oxfam used its findings to portray a global economy in which the wealthy few amass ever-greater fortunes, while hundreds of millions of people are “struggling to survive on poverty pay”.
“The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system,” Oxfam executive director Winnie Byanyima said.
Oxfam also emphasised the plight of women workers, who “consistently earn less than men” and often have the lowest paid, least secure jobs. Nine out of 10 billionaires are men, it said.
The report, titled Reward Work, not Wealth, used data from Credit Suisse bank to compare the returns of top executives and shareholders to that of ordinary workers.
It found that chief executives of the top five global fashion brands made in just four days what garment workers in Bangladesh earn over a lifetime.
“The people who make our clothes, assemble our phones and grow our food are being exploited to ensure a steady supply of cheap goods, and swell the profits of corporations and billionaire investors,” said Ms Byanyima.
To fight rising inequality, Oxfam called on governments to limit the returns of shareholders and top executives, close the gender pay gap, crackdown on tax avoidance and increase spending on health care and education.
The study was released on the eve of top political and business figures meeting at a luxury Swiss ski resort for the annual World Economic Forum, which this year says it will focus on how to create “a shared future in a fractured world”.
“It’s hard to find a political or business leader who doesn’t say they are worried about inequality,” said Ms Byanyima.
“It’s even harder to find one who is doing something about it. Many are actively making things worse by slashing taxes and scrapping labour rights.”
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Schedule
%3Cp%3E%3Cstrong%3ENovember%2013-14%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20World%20Youth%20Jiu-Jitsu%20Championship%3Cbr%3E%3Cstrong%3ENovember%2015-16%3A%20%3C%2Fstrong%3EAbu%20Dhabi%20World%20Masters%20Jiu-Jitsu%20Championship%3Cbr%3E%3Cstrong%3ENovember%2017-19%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20World%20Professional%20Jiu-Jitsu%20Championship%20followed%20by%20the%20Abu%20Dhabi%20World%20Jiu-Jitsu%20Awards%3C%2Fp%3E%0A
