'Stop protecting billionaires'- Ireland's richest earn in a week what average person earns in a year
The eleven billionaires in Ireland have €50 billion in total, with two new Irish billionaires in 2024
OXFAM Ireland has published a new report titled, 'takers not makers' which shines a light on the richest people in the country.
The report shares interesting information to help us picture how wealthy these people are:
Irish billionaire wealth could carpet the whole of Phoenix Park in €50 notes almost 1.5x over
In 2024, billionaire wealth increased by €13 billion or €35.6 million per day.
There were two new billionaires in 2024.
It takes just 5 days for someone in the top 1% to make what the average person in the bottom 50% makes all year.
A combined total of 50 billion euro amounts to the total wealth of the eleven billionaires, according to OXFAM Ireland.
“We are witnessing the rise of a modern oligarchy, where wealth is used to build and consolidate political power and vice versa. Meanwhile, global poverty remains at 1990 levels. We must first acknowledge the disparity and set about reversing the trend.”
Jim Clarken, Oxfam Ireland CEO said.
Mr Clarken added, “It’s time for governments to stop protecting billionaires and to prioritise investing in people. A fairer, more equal world is essential for a liveable planet, global democracy and the eradication of poverty. Urgent change is needed.”
Oxfam Ireland is urging the next Government to:
- Tax extreme wealth to pay for public services, honour our international commitments and to broaden our own tax base. We propose a flat rate of 1.5% on all net wealth, that is real wealth, above.
- Lead efforts for a more multilateral world by advocating for debt cancellation, democratisation of international institutions like the UN, the World Bank and the IMF and regulate corporations to ensure living wages and fair-trade practices.
- Commit to climate justice by ramping up our domestic climate action and providing greater financial support for countries in the global south experiencing climate breakdown and related hunger and conflict.
OXFAM Ireland is a registered charity dedicated to helping climate change, poverty and injustice around the world.
The full report can be read here.