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Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
“Europe is minting billionaires at a record rate while millions of Europeans are struggling to make ends meet," said one tax expert.
A worsening inequality crisis in the European Union—where the richest people pay proportionately less tax than ordinary citizens even as billionaire wealth is skyrocketing—is driving increasingly popular demand for a wealth tax, according to a report published Thursday.
The Oxfam briefing paper, A European Agenda to Tax the Superrichch, notes that "the richest 1% in the EU own nearly a quarter of all wealth while half the population shares just 3%."
The report underscores that the combined wealth of EU billionaires soared by over €400 billion ($462.2 billion) in just six months this year—the equivalent of over €2 billion ($2.3 billion) a day.
"In 2025, the EU counted nearly 500 billionaires, 39 more than in 2024," Oxfam said. "In the last year alone, a new billionaire was created, on average, every nine days in the EU. Altogether, the richest 3,600 Europeans now hold as much wealth as the poorest 181 million—equivalent to the populations of Germany, Italy, and Spain combined."
“Europe is minting billionaires at a record rate while millions of Europeans are struggling to make ends meet,” Oxfam EU tax expert Chiara Putaturo said in a statement Thursday. “This inequality is not by accident, it is by design.”
📢 EU Billionaires’ wealth surges by over €400bn in first half of 2025.That’s over €2bn a day.🔗https://www.oxfam.org/en/press-releases/eu-billionaires-wealth-surges-over-eu400-billion-first-half-2025#TaxTheRich
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— Oxfam EU (@oxfameu.bsky.social) October 8, 2025 at 10:27 PM
As the report notes:
Over recent decades, EU countries have slashed taxes for the richest people and corporations, while leaving ordinary people to pay the price. Today, over 80% of tax revenue in the EU comes from taxes that fall primarily on ordinary citizens, while the wealthiest can exploit loopholes, tax havens, and special regimes to pay lower effective tax rates than nurses and teachers. In Belgium, for example, members of the richest 1% contribute just 23% tax of their incomes, which is half of what the average person contributes.
"Decades of tax cuts for the wealthy and corporations resulted in the superrich paying proportionally less taxes than ordinary citizens, eroding fairness, democracy, and social cohesion," the report states. "The EU lacks harmonized policies to curb extreme wealth concentration and tax avoidance of the wealthiest."
"Oxfam calls for bold reforms, such as an EU-wide or national tax on the superrich and transparency mechanisms like an EU assets registry, to fund social needs, climate action, and development," the publication adds. "Taxing the superrich is widely supported, is feasible, and is urgent."
The report contends that an EU-wide wealth tax of up to 5% on millionaires and billionaires could potentially bring in €286.5 billion ($331.3 billion) in yearly revenue, "enough to cover the annual needs of the new EU long-term budget proposal," while ending "harmful and wasteful" tax policies favoring the superrich would recover nearly €4 billion ($4.6 billion) annually.
While wealth taxes have been proposed in a number of European countries, including France—which according to The Economist has more billionaires than any other country in the EU—only Norway, Spain, and Switzerland have enacted a net wealth tax, according to Tax Foundation Europe.
After France's political crisis deepened this week with the resignation of another prime minister, French economist Gabriel Zucman—known globally for advocating for a wealth tax of at least 2%—called out his country's last three PMs for not taking the proposal seriously. He noted that “there is a very strong demand among the population for greater tax fairness and better taxation of the ultrarich.”
France has more billionaires than any country in the EU. A new tax on their income is a popular idea. But doing so might not bring in all that much cash econ.st/4nkboVU
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— The Economist (@economist.com) September 30, 2025 at 8:00 AM
The Equals podcast and Belgian-Dutch philosopher Ingrid Robeyns on Thursday explored the benefits of a wealth cap.
"The idea of a poverty line is pretty well understood. No one should have so little that they can’t afford a roof over their head or go to bed hungry at night," Equals Bulletin said. "But billions of people around the world can’t afford these basics, despite the wealth increase of billionaires over the last decade being enough to end poverty 22 times over."
Embracing the concept of a wealth cap, the publication explained: "It’s about ensuring the needs of people and planet are met so everyone can flourish. You don’t have to be a communist to agree with a wealth cap, nor does it necessarily mean rejecting a market-based economy."
New EQUALS episode is out.We ask, How Much Wealth is Too Much?Philosopher @ingridrobeyns.bsky.social explains why we need a wealth limit & how billionaires are quietly breaking democracy.🎧 Listen here 👉 www.equals.ink/p/how-much-w...
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— EQUALS (@equalshope.bsky.social) October 7, 2025 at 7:42 AM
How much wealth is too much? Equals cited a New Economics Foundation (NEF)/Patriotic Millionaires survey published earlier this year in which one-third of millionaires said that the "extreme wealth line"—the point beyond which their fortune is considered harmful to society and the environment—should be set at $10 million.
"Society needs novel approaches to bring this complex topic to life," NEF's Fernanda Balata and Hollie Wright said at the time, "including narratives and practical tools more apt to address the vast cultural, moral, economic, and social barriers to tackling extreme wealth."
"We cannot allow international companies and governments to profit from occupation, dispossession and human suffering," said one peace advocate.
A collective of more than 80 different groups on Monday announced a new campaign aimed at companies that do business with illegal Israeli settlements in the occupied West Bank.
The campaign, called "Stop Trade With Settlements," is being sponsored by more than 80 civil society organizations, including Oxfam International, and it names multiple companies including Barclays Bank, Siemens, and Carrefour as firms that are benefiting from selling goods and services to the settlements.
In a statement introducing the campaign, Oxfam explained why "ending trade with settlements is a necessary step to uphold human rights, protect Palestinian livelihoods, stop Israel’s settlement expansion, and end the unlawful occupation" of the West Bank.
"Over the last four years, Israel has significantly accelerated its settlement activities in the West Bank," the organization said. "Most of these approvals were granted for settlements located 'deep into the West Bank,' further fragmenting Palestinian territory and imposing new movement restrictions on Palestinians."
"The revival of the ‘E1’ plan... is effectively cutting off Palestinian movement between the northern and southern West Bank," the group added, referring to the E1 settlement that Israeli Prime Minister Benjamin Netanyahu signed off on last week. The plan will "bury" the possibility of a Palestinian state by cutting East Jerusalem off from the rest of the West Bank.
Oxfam then walked through how these firms are profiting from doing business in the West Bank.
German travel conglomerate TUI, for example, offers a bus tour through the West Bank for tourists to meet with settlers who are illegally living on Palestinians' land.
Siemens, meanwhile, was found to have provided "equipment and services for settlement-linked transportation infrastructure including a rail deal worth over €1 billion."
The report singled out Barclays for providing $18.1 billion in loans to settlement-linked firms over a three-and-a-half-year period, which the report said made it "the third largest creditor of corporations complicit in settlement trade."
Anne-Marie Clements, engagement officer at the Catholic charity Justice and Peace Scotland, spoke of her recent trip to the occupied West Bank, where she met Palestinians who "told me of land confiscation, settler violence, home demolitions, military checkpoints and the denial of water: all daily realities of the occupation that make life unbearable."
Clements said the reality on the ground in the West Bank made it imperative for her organization to support the campaign.
"The Stop Trade With Settlements campaign shines a light on how the illegal settlements, an integral part of the occupation, are sustained through trade," she said. "Ending this trade is not just a political necessity but a moral imperative. We cannot allow international companies and governments to profit from occupation, dispossession, and human suffering."
"There is nothing humane or tactical about letting a trickle of aid in after a man-made famine has started while continuing to bomb starving men, women, and children, even in so-called safe zones," one advocate said.
The Israeli military began instituting tactical pauses in its assault on certain sections of Gaza on Sunday, as part of a plan to allow what Israeli Prime Minister Benjamin Netanyahu described as "minimal humanitarian supplies" to enter the besieged enclave.
Several humanitarian organizations and political leaders described the Israeli approach as vastly insufficient at best and a dangerous distraction at worst, as Palestinians in Gaza continue to die of starvation that experts say has been deliberately imposed on them by the U.S.-backed Israeli military.
"Deadly airdrops and a trickle of trucks won't undo months of engineered starvation in Gaza," Bushra Khalidi, Oxfam policy lead for the Occupied Palestinian territory, said in a statement on Sunday. "What's needed is the immediate opening of all crossings for full, unhindered, and safe aid delivery across all of Gaza and a permanent cease-fire. Anything less risks being little more than a tactical gesture."
Israel announced a plan to institute a daily 10-hour "tactical pause" in fighting from 10:00 am to 8:00 pm local time in the populated Gaza localities of Gaza City, Deir al-Balah, and Muwasi, as The Associated Press explained.
"These actions are not pauses—they are part of an ongoing genocide that the world must act to stop."
However, on Sunday—the first day of the supposed pause—Israeli attacks killed a total of 62 people, Al Jazeera reported, including 34 who were seeking humanitarian relief. Another six people died of hunger, bringing the total death toll from starvation and malnutrition to 133, including 87 children, according to the Gaza Health Ministry.
"The Israeli government's so-called 'tactical pauses' are a cruel and transparent farce," said Council on American-Islamic Relations (CAIR) national deputy director Edward Ahmed Mitchell in a statement on Sunday. "There is nothing humane or tactical about letting a trickle of aid in after a man-made famine has started while continuing to bomb starving men, women, and children, even in so-called safe zones. These actions are not pauses—they are part of an ongoing genocide that the world must act to stop."
British Foreign Secretary David Lammy, meanwhile, called the pause "essential, but long overdue."
"This announcement alone cannot alleviate the needs of those desperately suffering in Gaza," Lammy said, as The Guardian reported. "We need a cease-fire that can end the war, for hostages to be released, and aid to enter Gaza by land unhindered."
The United Nations' World Food Program posted on social media that it welcomed the news of the pause, as well as the creation of more humanitarian corridors for aid, and that it had enough food supplies either in or en route to the area to feed the entire population of Gaza for nearly three months.
"A man-made hunger can only be addressed by political will."
Since the border crossings opened on May 27 following nearly three months of total siege, WFP has only been able to bring in 22,000 tons of food aid, about a third of the over 62,000 tons of food aid needed to feed the population of Gaza each month.
While it welcomed the pause, WFP did add that "an agreed cease-fire is the only way for humanitarian assistance to reach the entire civilian population in Gaza with critical food supplies in a consistent, predictable, orderly, and safe manner—wherever they are across the Gaza Strip."
Joe English, emergency communications specialist for UNICEF, emphasized that the limited pauses proposed by Israel were not the ideal conditions for treating serious malnutrition.
"This is a short turnaround in terms of the notice that we have, and so we cannot work miracles," English told CNN.
English explained that, while UNICEF can treat malnutrition, children who are malnourished require a course of treatments over an extended period of time in order to fully recover, something only truly possible with a cease-fire, which would allow the U.N. to reestablish the 400 aid distribution points it had set up across Gaza before the last cease-fire ended in March.
"We have to be able to reach people and also to reach people where they are," he said. "We can't be expecting people to continue to traverse many miles, often on foot, through militarized areas, to get access to aid."
In addition to bringing in food aid through trucks, Israel, Jordan, and the United Arab Emirates all began air-dropping aid over the weekend. However, this method has been widely criticized by humanitarian experts as ineffective and even dangerous.
"The planes are insulting for us. We are a people who deserve dignity."
"Airdrops will not reverse the deepening starvation. They are expensive, inefficient, and can even kill starving civilians. It is a distraction and screensmoke," U.N. Relief and Works Agency for Palestinian Refugees in the Near East Commissioner-General Philippe Lazzarini wrote on social media on Saturday.
"A man-made hunger can only be addressed by political will. Lift the siege, open the gates, and guarantee safe movements and dignified access to people in need," Lazzarini wrote.
Palestinians in Gaza also complained about the air drops.
"From 6:00 am until now we didn't eat or drink. We didn't get aid from the trucks. After that, they said that planes will airdrop aid, so we waited for that as well," Massad Ghaban told Reuters. "The planes are insulting for us. We are a people who deserve dignity."
In a reminder of what is at stake in effectively delivering aid to Gaza, the World Health Organization (WHO) warned on Sunday that "malnutrition is on a dangerous trajectory in the Gaza Strip, marked by a spike in deaths in July."
WHO continued:
Of 74 malnutrition-related deaths in 2025, 63 occurred in July—including 24 children under 5, a child over 5, and 38 adults. Most of these people were declared dead on arrival at health facilities or died shortly after, their bodies showing clear signs of severe wasting. The crisis remains entirely preventable. Deliberate blocking and delay of large-scale food, health, and humanitarian aid has cost many lives.
WHO said that the search for lifesaving aid was itself deadly: "Families are being forced to risk their lives for a handful of food, often under dangerous and chaotic conditions. Since 27 May, more than 1,060 people have been killed and 7,200 injured while trying to access food."
Israeli solders have reported that they had been ordered to fire on Palestinian civilians seeking aid.
In the face of Israel's atrocities, CAIR's Mitchell called for decisive action: "No more statements. Our government, Western nations, and Arab Muslim nations must act immediately to end the genocide, allow unfettered humanitarian aid into Gaza, secure the release of all captives and political prisoners, and hold Israeli leaders accountable for war crimes. Every moment of inaction contributes to the unimaginable suffering of everyone in Gaza."