Report: World’s 10 richest men doubled wealth during Covid

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PARIS: The world’s 10 wealthiest men doubled their fortunes during the primary two years of the coronavirus pandemic as poverty and inequality soared, a report mentioned on Jan 17.

Oxfam mentioned the men’s wealth jumped from US$700bil (RM2.92 trillion) to US$1.5 trillion (RM6.27 trillion) at a median fee of US$1.3bil (RM5.43bil) per day, in a briefing printed earlier than a digital mini-summit of world leaders being held beneath the auspices of the World Economic Forum.

A confederation of charities that target assuaging world poverty, Oxfam mentioned the billionaires’ wealth rose extra during the pandemic greater than it did the earlier 14 years, when the world economic system was struggling the worst recession because the Wall Street Crash of 1929.

It known as this inequality “economic violence” and mentioned inequality is contributing to the loss of life of 21,000 folks daily attributable to an absence of entry to healthcare, gender-based violence, starvation and local weather change.

The pandemic has plunged 160 million folks into poverty, the charity added, with non-white ethnic minorities and ladies bearing the brunt of the impression as inequality soared.

The report follows a December 2021 research by the group which discovered that the share of worldwide wealth of the world’s richest folks soared at a file tempo during the pandemic.

Oxfam urged tax reforms to fund worldwide vaccine manufacturing in addition to healthcare, local weather adaptation and gender-based violence discount to assist save lives.

The group mentioned it based mostly its wealth calculations on essentially the most up-to-date and complete information sources obtainable, and used the 2021 Billionaires List compiled by the US enterprise journal 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 (*10*), former Microsoft CEOs Bill Gates and Steve Ballmer, former Oracle CEO Larry Ellison, US investor Warren Buffet and the top of the French luxurious group LVMH, Bernard Arnault. – AFP



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