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Every day the world has one more billionaire during the pandemic

According to the latest report of Oxfam NGO based on Forbes’ wealth ranking and World Bank (WB) data, the world has added 573 billionaire during the COVID-19 pandemic, bringing the total number of billionaires in the world to 2,668. This means that every 30 hours, the world has a new billionaire.

Every day the world has one more billionaire during the pandemic - Photo 1.

3 technology billionaires in the top richest in the world: Jeff Bezos, Elon Musk and Bill Gates (from left).

The report was released ahead of the opening of the World Economic Forum (WEF) in Davos (Switzerland). This event is the gathering place of heads of state and many of the richest people in the world.

The total wealth of billionaires increased by $ 3.8 trillion, equivalent to an increase of 42% during the epidemic period, to $ 12.7 trillion. Much of this extra asset value is thanks to the stock market, as governments pump money into the economy to cushion the financial impact of the pandemic.

Before falling sharply from the beginning of the year until now, world stocks had a period of strong gain thanks to huge stimulus packages of governments to absorb the impact of COVID-19.

“As the stock market turned around, billionaire wealth in general turned sideways and fell slightly,” said Max Lawson, head of inequality policy at Oxfam.

However, COVID-19 has also increased inequality and global food prices. This could push 263 million people into extreme poverty this year, which means an average of 33 hours more people will fall into poverty, amid soaring inflation in most regions, Oxfam predicts. area in the world.

Consumers around the world are grappling with rising food and energy prices. Meanwhile, businesses and directors in many industries are benefiting, according to Oxfam.

Food and agriculture billionaires have increased their wealth by 45% over the past two years. As of 2020, the food industry has produced about 62 billionaires.

The combined wealth of oil, gas and coal billionaires has increased by $53 billion, or 24%, since 2020 after deducting inflation.

The pharmaceutical industry has added 40 new billionaires, as the industry benefits from the fight against COVID-19 and receives billions of dollars in government investment.

The tech industry has also produced more billionaires. In the top 10 richest people in the world, 7 people are technology billionaires, such as Elon Musk of Tesla, Jeff Bezos of Amazon and Bill Gates of Microsoft. These seven billionaires alone have added $436 billion in net worth over the past two years, bringing their total wealth to $934 billion, after deducting inflation.

To support the less fortunate and reduce income inequality, Oxfam calls for taxing the rich and corporations. Oxfam also proposed imposing a temporary 90% tax on profits generated by large corporations during the pandemic, and stressed it was time to “stop the profiteering from the crisis”.

According to calculations, imposing an annual tax rate of 2% on millionaires and 5% on billionaires will bring in revenue of $ 2.520 billion per year. This money could lift 2.3 billion people out of extreme poverty, distribute enough vaccines around the world, and provide universal health care to all people in poor countries.

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