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According to a recent report by Oxfam International, the world’s billionaires are accumulating wealth at a rate “unprecedented in human history.”
According to the charity’s “Inequality Kills” report, the cumulative wealth of the planet’s 2,755 billionaires will rise from $8.6 trillion to $13.8 trillion after March 2021, compared to the combined market caps of Apple and Amazon. Bigger than anything, $5 trillion.
“Billionaire wealth is higher than it has been in the last 14 years since the pandemic began,” says the report. This growth has been fueled by government interventions around the world, which have supported economies and boosted stock prices, the report said.
According to Oxfam, wealth growth has been very large in a very short period of time, with “the concentration of wealth at the top surpassing the Gilded Age peaks of the late 19th century”.
In fact, since 1995, the world’s top 1% of people have grown in wealth 19 times faster than the bottom 50%, says the report.
In 2021 alone, the wealth of the world’s 10 richest people increased by more than $400 billion, led by Tesla and SpaceX CEO Elon Musk’s $121 billion profit. According to Oxfam, in his first two years of the pandemic, the total wealth of his 10 richest people doubled from his $700 billion to his $1.5 trillion. This is his $15,000 rate per second.
“Even if these 10 people lost 99.999% of their wealth tomorrow, they would still be wealthier than 99% of the entire population of the planet,” said Gabriella Butcher, executive director of Oxfam. We are now six times as wealthy as the poorest 3.1 billion people.”
Citing World Bank data that predicts poverty levels will not return to pre-pandemic levels, the report said 163 million more people are now living in poverty than before the Covid-19 pandemic began. I’m assuming you live inside. At least 2030.
Oxfam estimates that inequality is responsible for “at least 21,300 deaths every day” in poor countries as a result of lack of access to food and healthcare.
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