World’s 10 richest people doubled their wealth during pandemic, 160 million more poor – Oxfam

The 10 richest people in the world have doubled their wealth in the first two years of the coronavirus pandemic due to a sharp increase in poverty and inequality.

This is stated in the report of the international organization Oxfam, which deals with the problems of poverty and inequality.

According to Oxfam, the wealth of the world’s richest people has jumped from $700 billion to $1.5 trillion. On average, it grew by $1.3 billion a day. This follows from a report published in Berlin on Monday, January 17th.

All billionaires during the pandemic managed to increase their fortune more than 14 years before the coronavirus attack. The 55,000 richest people on the planet increased their wealth by 14% between 2019 and 2021. By comparison, global wealth rose by 1% over that period.

“The gulf between the richest and the rest of humanity has thus widened dramatically,” the authors of the report state.

Before the coronavirus pandemic, about half of the world’s population, or 3.2 billion people, lived in poverty. To date, this number has increased by 160 million, according to Oxfam. As the economies of the poorer countries have yet to recover from the effects of the pandemic, the poorest 20% have been hardest hit by the loss of income.

“For billionaires, the pandemic has become a gold rush. Governments have pumped billions into the economy, but most (of this money – Ed.) has remained with people who especially benefit from stock prices, ”said Manuel Schmitt, an Oxfam columnist.

Experts are particularly concerned about the deteriorating situation of girls and women. Compared to the situation two years ago, the number of women who receive money for their work has decreased by 13 million people on the planet. At the same time, there has been an increase in the number of women doing unpaid work, such as caring for family members.