Tuesday , 21 May 2024
Home Global Economy Oxfam: The super-rich have doubled their fortunes during the pandemic
Global Economy

Oxfam: The super-rich have doubled their fortunes during the pandemic

The poor are getting poorer and the rich are getting richer.

The charity Oxfam traditionally backs up this well-known fact with data on global inequality before the World Economic Forum in Davos. During the pandemic, incomes for the world’s poor continued to fall, contributing to the deaths of 21,000 people a day, according to Oxfam. Meanwhile, the world’s 10 richest men have more than doubled their wealth since March 2020.

Oxfam calls for higher taxation

“Taxing this wealth would provide funds to address some of the root causes many people are not coping with the pandemic and that is access to health and essential services.” so Oxfam.

The World Economic Forum is chosen by the aid organization because thousands of business and political leaders, celebrities, activists, economists and journalists meet there. There are also the richest men in the world, i.e. Elon Musk, Jeff Bezos, Mark Zuckerberg or investors like Warren Buffet. The combined wealth of these top 10 has doubled from $700 billion to $1.5 billion, but there is inequality among the super-rich too: Elon Musk’s fortune has grown by more than 1,000%, while Bill Gates’s has grown by a more modest 30% %.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Global Economy

Spotlight on 2023: S&P 500 and the Significance of the 4400 Level

In our past exploration of the financial landscape of 2023, we delved...

Global Economy

AI and Data Analytics Drive Efficiency in Money Laundering Detection

BIS Innovation Hub Turns to Tech for Money Laundering Detection The BIS...

Global Economy

Russell 2000 Gains Momentum as Tech Stocks Outperform Value

Tech stocks have dominated the equity markets in recent months, surpassing value...

Global Economy

Crypto Exchange Bybit Announces Exit from Canadian Market Amid Regulatory Changes

Regulatory Shifts Prompt Bybit's Strategic Withdrawal from Canadian Crypto Market