As per a new report by Oxfam International, the world’s Billionaires are aggregating wealth at a rate remarkable in mankind’s history.
The report says the world’s 2,755 tycoons saw their cumulative wealth increase by $5 trillion – a total more noteworthy than the market caps of Apple and Amazon consolidated – since March 2021, from $8.6 trillion to $13.8 trillion.
Billionaires wealth has grown more since the pandemic started than it has over the most recent 14 years. That growth has been energized by government intercession all over the planet, which has set up economies and driven up stock costs, the report says.
As per Oxfam, the growth in wealth by these tycoons has been so extraordinary over such a brief timeframe.
Starting around 1995 the top 1% of the most affluent individuals in the world have seen multiple times more wealth growth than the base half.
In 2021, the 10 most richest people in the world added more than $400 billion to their fortunes, led by Tesla and SpaceX CEO Elon Musk’s $121 billion addition.
During the initial two years of the pandemic, these ten richest individuals multiplied their aggregate fortunes from $700 billion to $1.5 trillion – a pace of $15,000 each second, as per Oxfam.
According to one of the top executives of Oxfam, Gabriela Bucher,
“If these 10 men were to lose 99.999% of their wealth tomorrow, they would still be richer than 99% of all the people on this planet. They now have six times more wealth than the poorest 3.1 billion people.”
The report estimates that there are now 163 million more people living in poverty than there were before the start of the Covid-19 pandemic, citing data from The World Bank, which projects that poverty levels won’t return to their pre-pandemic state until at least 2030.
Oxfam estimates that inequality contributes to the deaths of at least 21,300 people each day as a result of the lack of access to food and health care in poor countries.
About Oxfam International:
Oxfam is a global movement of people who are fighting inequality to end poverty and injustice. Across regions, from the local to the global, we work with people to bring change that lasts.
The institution’s work is grounded in the commitment to the universality of human rights. Driven by diversity and founding their asks in evidence and experience, Oxfam take sides against poverty and injustice everywhere.
Feminist approaches guide all their analysis, action and interaction. Oxfam’s vision is a world that is just and sustainable.