Food companies making big profits as inflation has surged should face windfall taxes to help cut global inequality, anti-poverty group Oxfam said, as the World Economic Forum's annual meeting gets underway.
Over the past two years, the world's super-rich 1% have gained nearly twice as much wealth as the remaining 99% combined, Oxfam said. Meanwhile, at least 1.7 billion workers live in countries where inflation is outpacing their wage growth, even as billionaire fortunes are rising by $2.7 billion a day.
Some governments have turned to taxing fossil fuel companies' windfall profits as Russia's war in Ukraine sent oil and natural gas prices soaring last year, squeezing household finances around the world.
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