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10 wealthiest men doubled their wealth to USD 1.5 trillion in first two COVID years: Oxfam

The first two COVID pandemic years have witnessed ten wealthiest men across the globe doubling their wealth to USD 1.5 trillion from USD 700 billion, at an average rate of USD 1.3 billion per day, said Oxfam in a report before a virtual mini-summit of world leaders being held under the auspices of the World Economic Forum.

The report follows a 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 the pandemic.
The report follows a 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 the pandemic. Photo courtesy: Twitter/@ians_india

A confederation of charities that focus on alleviating global poverty, Oxfam said the billionaires' wealth soared more during the pandemic more than it did the previous 14 years, when the world economy was suffering the worst recession since the Wall Street Crash of 1929, the NDTV reported.

It called this inequality "economic violence" and said inequality is contributing to the death of 21,000 people every day due to a lack of access to healthcare, gender-based violence, hunger and climate change.

The 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 a 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 the 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.

Forbes listed the world's 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 the head of the French luxury group LVMH, Bernard Arnault.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK, India and UAE. Connected to India covers developments around NRIs. Cover arts, political, sports, finance, entrepreneurship, business, movies, dramas, entertainment and other news for Indians living worldwide.

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