General
Oxfam report says rich getting richer and poor getter poorer amid coronavirus pandemic
In the initial months of the pandemic, a stock market collapse saw the world’s billionaires experience massive reductions in their wealth.
Key points:
- Worldwide, the wealth of billionaires increased by $US3.9 trillion between March 18 and December 31
- But it could take more than a decade for the world’s poorest people to recover from the economic impacts of the pandemic, Oxfam says
- The organisation has called on governments to invest further in public services and the richest individuals and corporations to contribute their fair share of tax
But this setback was short lived. Within nine months, the top 1,000 billionaires, mainly white men, had recovered all the wealth they had lost.
Conversely, it could take more than a decade for the world’s…
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