‘Economic violence’: Inequality gap widens as billionaires cash in on pandemic

According to Oxfam, since the pandemic began, the 10 richest people in the world have more than doubled their collective wealth. In its report on global inequality, the charity said that between March 2020 and October 2021, the wealth of the top 10 billionaires increased from $700 billion to $1.5 million. dollars – an average of $1.3 billion per day.

While the pandemic has made the world’s super-rich a lot richer, it has also left more people living in poverty. BBC reported. In the same time frame that Elon Musk and 9 other billionaires made their money, the incomes of 99% of the world’s population fell.

Inequality contributes to the deaths of 21,000 people a day due to “a lack of access to health care, gender-based violence, hunger and climate change”, the news agency reported. AFP reported. As a result of the closures, reduced international trade and less international travel, 160 million people have been pushed into poverty.

“We enter 2022 with unprecedented interest,” warned Oxfam in Inequality kills report. The charity argues that today’s extreme global inequality is a form of “economic violence” against the world’s poorest people and countries.

‘Out of scale’

The “surge” in stock and real estate prices has widened the gap between the rich and the poor. Guardians speak. And Oxfam GB chief executive Danny Sriskandarajah believes the situation this year has “goes out of scale”. While 99% of the world’s population is living worse, a new billionaire has been created “almost every day during this pandemic”, he added.

The report calculates that 252 men have “more wealth than all the one billion women and girls in Africa, Latin America and the Caribbean combined”. Al Jazeera reported. And ten richest man in the world “Having more than 3.1 billion of the least wealthy.”

“There is something very flawed in our economic system,” said Sriskandarajah.

Wind tax on wealth income by Covid?

During the first 20 months of the pandemic, Tesla CEO Musk has seen his fortune grow tenfold, according to Forbes magazine’s billionaires list. With his fortune increasing by more than 1,000%, this has put him at the top of the list of the richest people in the world, ahead of Amazon founder Jeff Bezos.

During a period of “tech stocks skyrocketing on Wall Street,” Bezos’ net worth jumped 67%, The Guardian reported. Facebook’s Mark Zuckerberg saw his fortune double while Microsoft founder Bill Gates’ fortune increased by 31%.

Even in a global crisis, “our unfair economic systems manage to deliver attractive returns to the richest, but fail to protect the poorest”, says Sriskandarajah speak. He urged political leaders to take “a historic opportunity to support bolder economic strategies” and change “the deadly path we are on”.

Oxfam has called for a one-time 99% tax on the Covid assets of the ten richest people, The Guardian reports. This would pay for “enough vaccinations to immunize the entire world and provide resources to respond to climate change, provide universal health care and social protection, and addressing gender-based violence in 80 countries”. Even after being taxed 99%, the top ten billionaires will have $8 billion more in profit between them than they did before the pandemic hit, the charity said.

https://www.theweek.co.uk/business/economy/955435/economic-violence-inequality-gap-billionaires-pandemic ‘Economic violence’: Inequality gap widens as billionaires cash in on pandemic

Fry Electronics Team

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