Oxfam’s research shows that that the richest 1%, made up of 77 million people including billionaires, millionaires and those earning $310,000 ($140,000 PPP) or more a year, accounted for 16% of all CO2 emissions in 2019.
The emissions of the richest 1% have caused global economic output to drop by $2.9 trillion since 1990. The biggest impact will be in countries least responsible for climate breakdown. Low- and lower-middle-income countries will lose about 2.5% of their cumulative GDP between 1990 and 2050. Southern Asia, South-East Asia and Sub-Saharan Africa will lose 3%, 2.4% and 2.4%, respectively. High-income countries, on the other hand, will accrue economic gains.
The emissions of the richest 1% have caused crop losses that could have provided enough calories to feed 14.5 million people a year between 1990 and 2023. This will rise to 46 million people annually between 2023 and 2050, with Latin America and the Caribbean especially affected (9 million a year by 2050).
78% of excess deaths due to heat through 2120 will occur in low- and lower-middle-income countries.