/ 18 January 2022

The rich are way too rich, says Oxfam

Image source: Getty
Image source: Getty

The wealth of the world’s 10 richest men has doubled to $1.5 trillion since the start of the pandemic, according to a new Oxfam report. The likes of Tesla/SpaceX boss Elon Musk, Meta’s Mark Zuckerberg and Amazon/Blue Origin founder Jeff Bezos saw their collective wealth grow by $1.3 billion a day between March 2020 and October 2021. During that time, 163 million people went into poverty, according to the World Bank. The pandemic has widened the wealth gap, Oxfam says, with the 10 richest men owning 6 times more wealth than the poorest 40% (3.1 billion people). The organisation is urging governments to impose a one-off 99% wealth tax on billionaires’ COVID windfall gains, which it says could be used to combat issues from vaccination inequality to climate change. The report was released to coincide with the start of the World Economic Forum’s Davos get-together – it’s a virtual event again this year. 

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