AKEL on European Commission Report: Wealth Is Increasingly Concentrated in the Hands of the Few

 

21 April 2026, AKEL C.C. Press Office, Nicosia

The European Commission’s recent report on wealth taxation confirms the steadily increasing concentration of wealth in the hands of the few.

In Cyprus, this trend is even more pronounced, as the top 10% of the wealthiest recorded some of the biggest increases in wealth concentration across the EU, now holding 67% of total wealth.

While the government boasts about surpluses and positive economic indicators, it ignores the reality experienced by the vast majority of society: namely, income and social inequalities are intensifying, while wealth is accumulating in the hands of the privileged few.

This situation is no accident. It is a structural problem of the Cyprus economy that has been entrenched through the policies pursued by the Anastasiades–DISY and Christodoulides governments, which provide generous support to the banks and big business interests. When it comes to actually supporting society, however, they invoke the need for fiscal discipline.

AKEL insists that substantive policy reforms are needed to restore tax justice and address inequalities by taxing accumulated wealth and super profits in the economy.

The economy must work fairly for everyone and not serve the interests of the few.