Top 10 men that doubled their wealth during pandemic according to report
World 10 richest men that doubled their wealth during pandemic includes Elon Musk, Bill Gate Gates, Jeff Bezos, and Bernard Arnault among others according to new report.
The pandemic has made the world wealthiest people to increase their wealth while it has also made people to live in poverty.
According to report, world poorest people’s lower incomes has led to 21,000 people’s death daily.
But the 10 world richest men has gotten the double of their collective fortunes since March 2020 according to Oxfam.
Oxfam released a report on global inequality in the beginning of the World Economic Forum meeting in Davos. The event usually sees thousands of corporate and political leaders, celebrities, campaigners, economies and journalist gathered in the Swiss Ski resort for panel discussions, drinks parties and Schmoozing.
This week discussions will include the likely future path of the pandemic vaccine equity and the energy transition.
Danny Sriskandarajah, Oxfam GB chief executive, the charity time report each to coincides with Davos to attract the attention of economic, business and political elites.
“This year what is happening is off the scale”, he added.
“There are new billionaires that are been discovered almost every day during the pandemic. Meanwhile 99% of the world population is worsen because of lockdowns, lower international trade, less international tourism and as a result of that, 160 million people have entered into poverty”.
“Something is wrong with our economic system”, he added.
According to Forbes figures that was used by the charity as an example, the world 10 richest men are; Elon Musk, Jeff Bezos, Bernard, Mark Zuckerberg, Steve Ballmer and Warren Buffet.
As their wealth grows together from $700bn to $1.5tn, there is a big differences between the. Musk fortune grows by more than 1000% while Gate’s rise by more modest 30%.
How Oxfam work their figures
Oxfam reports are based on data from Forbes Billionaires list and the annual Credit Suisse Global Wealth report that gives the distribution of global wealth going back to 2020.
The Forbes survey uses the value of one individual’s asset; mainly property and land minus debts to determine their wealth. The data do not include wages or income.
People have criticized the criteria in the past as it means that students with high debts, but with high potential earning for example they are seen as poor under this current criteria.
Oxfam also said that because of the facts that prices have increased during the pandemic, they have also adjusted for the inflation as they use the US Consumer Price Index (CPI) that will tract how the cost of living have increased over time.
“Even during global crisis, our unfair economic systems is managing to deliver eye-watering windfalls for the wealthiest but fail to protect the poorest,” Oxfam Chief Executive, Sriskandarajah says. He said political leaders right now have the historic opportunity to back bolder economic strategies to “change the deadly course we are on”. It must include more progressive tax regimes that will impose higher levies on capital and wealth, with the revenue that they will spend on “quality universal healthcare and social protection for all.” Sriskandarajah says.
