According to an analysis published by Oxfam on Sunday, about 573 billionaires have joined the ranks since 2020, bringing the total number worldwide to 2,668. That means he became a new millionaire The epidemic has so far been mined every 30 hours on average.
During the epidemic, billionaires saw their net worth increase by $ 3.8 trillion, or 42%, to $ 12.7 trillion. A large part of the growth has been fueled by strong profits in the stock market, which has been helped by the government injecting money into the global economy to soften the financial impact of the coronavirus.
In the first year of the epidemic there was a great leap in wealth. Max Lawson, head of Oxfam’s discrimination policy, said it had become a “plateau” and had declined slightly since then.
At the same time, Covid-19, rising inequality and rising food prices could push 263 million people into extreme poverty this year, in contrast to decades of progress, Oxfam said in a report released last month.
“I have never seen such a dramatic increase in poverty and wealth growth at any one time in history,” Lawson said. “It will hurt a lot of people.”
Benefit from high prices
Consumers around the world are battling rising energy and food costs, but corporations and their leaders in these industries are benefiting from rising prices, Oxfam said.
Billionaires in the food and agribusiness sector have amassed মোট 382 billion, or 45%, of their total assets in the last two years after adjusting for inflation. About 62 food billionaires have been created since 2020.
Meanwhile, the net worth of their counterparts in the oil, gas and coal sectors has risen to $ 53 billion or 24% since 2020 after adjusting for inflation.
Forty new epidemic billionaires have been created in the pharmaceutical industry, who are at the forefront of the fight against Covid-19 and have benefited billions from public funds.
The tech sector has produced many billionaires, including seven of the 10 richest people in the world, such as Teller Elon Musk, Amazon’s Jeff Bezos and Microsoft’s Bill Gates. These individuals have increased their wealth by $ 436 billion to $ 934 billion in the last two years after adjusting for inflation.
Taxes of the rich
To tackle the meteoric rise of inequality and help those struggling with inflation, Oxfam is pushing the government to tax the rich and corporations.
It called for a temporary 90% tax on excess corporate profits, as well as a one-time tax on the assets of billionaires.
The group wants to impose a fixed wealth tax on the super-rich. It recommends a 2% tax on assets over $ 5 million, rising to 5% for assets over $ 1 billion. That could raise 2.5 trillion worldwide.
Wealth taxes, however, have not been adopted by many governments. Attempts by the richest Americans to tax the net worth have failed in Congress in recent years.