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Artificial intelligence, more regulations and higher wealth taxes – they are intended to alleviate wealth inequality. This has increased significantly in recent years, according to a study by the NGO Oxfam.
While the five richest people in the world – all men – have more than doubled their wealth since 2020, almost five billion people have become poorer. These are the figures from the emergency aid and development organization Oxfam, which they presented at the WEF in Davos.
The numbers are controversial; studies by the World Bank, for example, show that inequality and extreme poverty have decreased in recent decades.
You have to rein in companies and the super rich.
Nevertheless, for Oxfam interim director Amitabh Behar it is clear: “You have to rein in companies and the super-rich.” With more taxes – such as wealth taxes for the richest in the world like Elon Musk or Jeff Bezos.
Ask wealthy people to pay
Marlene Engelhorn is also calling for higher taxes on assets. The BASF heiress inherited millions from her ancestors who ran the chemical company – and wants to give them away and distribute them. Money is power and it cannot be the case that the wealthy are privileged by not having to pay any or only low wealth, inheritance or gift taxes.
She asks herself: “How can it be that people who go to work pay their taxes obediently, but people with wealth who can really afford it – they are not asked to pay or are asked to pay in proportions that are small.”
This contradicts the ideas of democracy and equality. It also contradicts the distribution of power, which should work according to the principle of one vote per person and not according to the principle of one vote per franc, said Engelhorn.
Regulations against market power
André Hoffmann is Vice President of the pharmaceutical company Roche. His family fortune is estimated at several billion francs.
At school I learned that the market has power. That’s a lie. We need regulations.
For him there is only one way to achieve more equality: more regulations. «I learned at school that the market has power. It’s not true, it’s a lie. I think we need regulations.” However, he leaves it open exactly what they should look like.
Artificial intelligence is supposed to help
For Marco Huwiler, Switzerland boss of the consulting firm Accenture, more regulation and higher taxes are not suitable means in the fight against inequality.
We have to think back to the years 2000 to 2020. According to the World Bank, inequality and extreme poverty have decreased significantly in these 20 years. Innovation and new technologies helped, says Huwiler.
People with a low level of education can particularly benefit from AI.
He is therefore pinning his hopes on artificial intelligence (AI). There are different approaches. “People with a low level of education in particular can benefit above average from the capabilities of AI because they can take on activities that would previously have required higher education.”
For example, call center employees could take on additional sales activities. AI could also bring better opportunities for regions of the world that have previously had difficult access to the global economy due to language.