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Economic violence: World's 10 richest men doubled wealth during COVID pandemic

FILE - SpaceX and Tesla chief Elon Musk attends a news conference at the Kennedy Space Center in Cape Canaveral, Florida

FILE - SpaceX and Tesla chief Elon Musk attends a news conference at the Kennedy Space Center in Cape Canaveral, Florida

The world's 10 wealthiest men doubled their fortunes during the first two years of the coronavirus pandemic as poverty and inequality soared, a report said on Monday.

Oxfam said the men's wealth jumped from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per day, in a briefing published before a virtual mini summit of world leaders being held under the auspices of the World Economic Forum.

A confederation of charities that focus on alleviating global poverty, Oxfam said the billionaires' wealth rose more during the pandemic more than it did the previous 14 years, when the world economy was suffering the worst recession since the Wall Street Crash of 1929.

It called this inequality "economic violence" and said inequality is contributing to the death of 21,000 people every day due to a lack of access to health care, gender-based violence, hunger and climate change.

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

The report follows a December 2021 study by the group that found the share of global wealth of the world's richest people soared at a record pace during the pandemic.

Oxfam urged tax reforms to fund worldwide vaccine production as well as healthcare, climate adaptation and gender-based violence reduction to help save lives.

The group said it based its wealth calculations on the most up-to-date and comprehensive data sources available and used the 2021 Billionaires List compiled by the US business magazine 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 Zuckerberg, former Microsoft CEOs Bill Gates and Steve Ballmer, former Oracle CEO Larry Ellison, US investor Warren Buffet and the head of the French luxury group LVMH, Bernard Arnault.

Comments

0 #1 Lysol 2022-01-18 09:47
One man's poison is another man's food. You just have to know the difference, for your own survival.
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0 #2 kabayekka 2022-01-18 11:05
With such information, how come the USA is blaming Russia, China and North Korea for the woes of this modern world?

Indeed one would want a free world for all but the issue of stockpiling arms to get prepared for a Fourth World War on the blue planet earth is very unfortunate indeed.

Africa seems to be embroiled in fighting the Third World War. Most probably the efforts to invest in space and Astronomy demands an interest in all humans.

Such knowledge is underlining more what life on this planet is all about for every human being. This is the best of the space science of what these richer countries are doing these days.
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