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Pandemic soared wealth of 10 richest men—Oxfam
By J.Lo
United States business magazine Forbes listed world’s ten (10) richest men as Tesla and SpaceX chief Elon Musk, Amazon’s Jeff Bezos, Google founders Larry Page and Sergey Brin, Facebook’s Mark Zuckerberg, former Microsoft CEOs Bill Gates and Steve Ballmer, former Oracle CEO Larry Ellison, US investor Warren Buffet and head of French luxury group LVMH, Bernard Arnault.
The world’s 10 wealthiest men doubled their fortunes during first two years of coronavirus pandemic as poverty and inequality soared.
Oxfam said men’s wealth jumped from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per day, in a briefing published before virtual mini-summit of world leaders being held under auspices of World Economic Forum.
A confederation of charities that focus on alleviating global poverty, Oxfam said billionaires’ wealth rose more during pandemic than it did previous 14 years, when the world economy was suffering worst recession since Wall Street Crash of 1929.
It called this inequality “economic violence” contributing to the death of 21,000 people every day due to lack of access to healthcare, gender-based violence, hunger and climate change.
Pandemic has plunged 160 million people into poverty, the charity added, with non-white ethnic minorities and women bearing the brunt of the impact as inequality soared.
The report follows December 2021 study by the group which found that the share of global wealth of the world’s richest people soared at a record pace during pandemic.
Oxfam urged tax reforms to fund worldwide vaccine production as well as healthcare, climate adaptation and gender-based violence reduction to help save lives.
The group said it based its wealth calculations on the most up-to-date and comprehensive data sources available, and used the 2021 Billionaires List compiled by the US business magazine Forbes.
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