While we recognize the progress that has been made in the past decade, we must acknowledge that we still need to get the world's billionaires to pay their fair share of taxes.
Fernando Haddad, Minister of Finance, in the G20 virtual opening address
He highlighted the rise in global poverty in recent years. The minister said that the global financial crisis of 2008, which was marked by the bankruptcy of the traditional bank Lehman Brothers, was caused by a combination of four factors: liberalization of markets, easing labor laws, liberalization of financial restrictions, and free movement of capital.
Haddad stated that the 2008 crisis made the world more unequal. Although he acknowledged that social and economic progress had lifted “millions” out of poverty, especially in Asia, he declared that poverty had risen to high levels in many countries. On the other hand, he announced that billionaires remained practically unscathed from the effects of the unstable economy.
The Minister of Economy believes that rich countries must take care of the most vulnerable groups. According to him, developed countries must think about solutions at the global level and not only at the local level, that is, they must contribute proposals to reduce poverty in the world. In his speech, Haddad defended “imposing fair taxes” on billionaires.
We have reached an unsustainable situation, where the richest 1% of the world's population own 43% of global financial assets and emit the same amount of carbon as the poorest two-thirds of humanity.
Fernando Haddad in his opening speech to the G20 in Brazil
The G20 brings together the world's major economies, in addition to the European Union and the African Union. Brazil has been leading the group since December 2023 and will continue until November of this year. It will be concluded at the Heads of State Summit in Rio de Janeiro.
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