The world's wealthiest 10% have been responsible for two-thirds of global warming since 1990. Their consumption and investment habits significantly increase the risks of deadly heatwaves and droughts.
The lead author of the study, scientist Sarah Schoengart from ETH Zurich, explained to AFP, "We directly link the carbon footprints of wealthy individuals to real-world climate impacts."
For instance, compared to the global average, the wealthiest 1% contribute 26 times more to heatwaves that occur once per century, and 17 times more to droughts in the Amazon.
The findings were published in Nature Climate Change journal.
The emissions from the wealthiest 10% in China and the United States are responsible for nearly half of global carbon pollution, leading to a two-to-three times increase in extreme temperatures.
The burning of fossil fuels and deforestation has raised the Earth's average surface temperature by 1.3 degrees over the past 30 years.
Schoengart and her colleagues combined economic data and climate simulations to track emissions across different income groups and assess their impact on climate-related extreme weather events.
Researchers emphasized that emissions come not only from personal consumption and lifestyles but also from financial investments, which play a significant role.
Carl-Friedrich Schleussner from the International Institute for Applied Systems Analysis (IIASA) stated, "Climate actions risk overlooking one of our strongest tools for reducing future harm if they don't address the disproportionate responsibilities of the wealthiest members of society."
Schleussner noted that capital owners could be held accountable through increased taxes on wealth and carbon-intensive investments aimed at the wealthy.
Previous studies have shown that emissions tied to assets are fairer than widespread carbon taxes that disproportionately affect lower-income individuals.
Recent efforts to increase taxes on the ultra-wealthy and multinational companies have largely stalled.
At the 2023 G20 summit, Brazil proposed a tax on individuals with more than $1 billion in assets, taxing 2% of their net worth.
While G20 leaders have agreed to cooperate on effectively taxing ultra-high-net-worth individuals, no progress has been made on this front.
According to Forbes magazine, nearly a third of the world's wealthiest billionaires are based in the United States. This figure is higher than those in China, India, and Germany.
Oxfam, a global poverty-fighting organization, states that the wealthiest 1% have gained $42 trillion in new wealth over the last decade.
This amount means the wealth of the richest 1% exceeds that of the lowest 95% combined.
