Ireland's richest two Irish billionaires have more wealth than the bottom half of the population

The two wealthiest people in Ireland possess more wealth than 50% of Irish people, according to the Irish branch of the anti-poverty organization Oxfam.

Oxfam Ireland, which says the richest 1% hold 35.4% of Irish financial wealth, is calling upon the Irish Government to tax extreme wealth.

“It's time for states to reassert themselves, including the Irish state," Bríd McGrath, Director of Public Affairs at Oxfam Ireland, said in a statement today, January 15.

“We are calling on the Irish government to properly tax wealth and close the loopholes for tax avoidance.

"Oxfam estimates that a progressive tax on wealth could yield up to €9 billion annually.

“We believe that not one cent of taxpayers' money should go to errant corporations that don't take their corporate citizenship seriously - those who abuse their dominant position, don't pay their workers a living wage, who refuse to reduce carbon emissions – those companies should be outside the fold when it comes to grant aid, tax breaks, and any other reliefs at budget time.”

McGrath continued: "We are also calling on the Irish government to work at home and at EU level to curb excess corporate power.

"Ireland should wholeheartedly support moves within the EU to break up monopolies, to fight the privatisation of crucial public services, to advance worker and consumer rights, and to protect the environment."

She added: “We cannot be in a situation where the real economic power lies in the hands of the few.

"The state and the people can reclaim our rightful place."

McGrath's comments come as Oxfam publishes its "Inequality Inc" report ahead of the annual meeting of the World Economic Forum in Davos.

The Oxfam report on global poverty and wealth inequality found that the five richest men in the world have seen their wealth more than double since 2020, while more than five million people have become poorer in the same period.

The report additionally claims that the world will see its first trillionaire before the end of the decade but says it will be another 229 years before the eradication of poverty.

Oxfam International interim Executive Director Amitabh Behar said the current global income inequality is "no accident", stating that the richest people in the world are seeking to control as much wealth as possible.

"We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation, and war, while billionaires’ fortunes boom," Behar said.

The Oxfam report also stated that seven of the world's 10 largest corporations have a billionaire as CEO or principal shareholder.

The companies are worth a combined $10,2 trillion, a similar amount to the GDPs of all countries in Africa and Latin America.