World's richest one percent made over $40 trillion in a decade, says Oxfam

The G20 summit in Brazil is raising the issue of taxing the ultra-rich, as Oxfam claims the world's richest one percent have gained over $40 trillion over the past 10 years. © G20

The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade, British NGO Oxfam announced ahead of a G20 summit in Brazil where taxing the super-rich is top of the agenda.

Oxfam said that despite the reported windfall, taxes on the rich had plummeted to "historic lows", warning of "obscene levels" of inequality with the rest of the world "left to scrap for crumbs".