Elon Musk, Bill Gates, Jeff Bezos and Mark Zuckerberg were among the billionaires who saw massive wealth gains over the course of the pandemic.
By Sharon Zhang, Truthout
As most of the world’s population suffered under a deadly pandemic, the world’s 10 richest people doubled their wealth while the world’s billionaires added $5 trillion to their collective wealth, a new report by Oxfam finds.
Since the beginning of the pandemic, billionaires have been profiting greatly from the global economy, the report’s authors wrote. Since March 2021, billionaire wealth has risen from an already high $8.6 trillion to $13.8 trillion and previous reports have found that the 10 richest people alone account for hundreds of billions of dollars of that growth in wealth. This is a larger growth in billionaire wealth than that of the last 14 years combined.
“A new billionaire has been created every 26 hours since the pandemic began,” the report reads. “The world’s 10 richest men have doubled their fortunes, while over 160 million people are projected to have been pushed into poverty.”
The report’s authors wrote that such growing economic inequality is a result of purposeful choices by government officials.
Recent Posts
Is The Iran Nuclear Deal Dead Forever?
April 25, 2024
Take Action Now Trump blew up the deal — why hasn’t Biden taken the opportunity to fix it? by Bob Dreyfuss, Tom Dispatch One, erratic and…
Big Oil Wants To Limit Safety Checks On CO2 Pipelines
April 25, 2024
Take Action Now After a leak in Sulphur, Louisiana, experts and residents express grave concerns about the fossil fuel industry’s carbon capture…
Columbia, NYU, The New School…MIT, Tufts, Emerson… Berkeley, Chicago, Chapel Hill… Everywhere…
April 24, 2024
Take Action Now For decades, corporations have used taxpayer-funded fellowship opportunities to help them secure billion-dollar defense contracts.…
Is A General Strike In 2028 A Real Possibility?
April 24, 2024
Take Action Now The logistics of actually pulling this thing off. by Hamilton Nolan, How Things Work After winning a nationwide strike against the…