Covid-19: A new billionaire has been minted nearly every day during the pandemic
Much of the soar in wealth got here in the first year of the pandemic. It then plateaued and has since dropped a bit, mentioned Max Lawson, head of inequality coverage at Oxfam.
“I’ve never seen such a dramatic growth in poverty and growth in wealth at the same moment in history,” Lawson mentioned. “It’s going to hurt a lot of people.”
Benefiting from excessive costs
Billionaires in the meals and agribusiness sector have seen their complete wealth improve by $382 billion, or 45%, over the previous two years, after adjusting for inflation. Some 62 meals billionaires have been created since 2020.
Meanwhile, the internet value of their friends in the oil, gasoline and coal sectors jumped by $53 billion, or 24%, since 2020, after adjusting for inflation.
Forty new pandemic billionaires have been created in the pharmaceutical business, which has been at the forefront of the battle in opposition to Covid-19 and the beneficiary of billions in public funding.
Tax the wealthy
To counter the meteoric progress in inequality and assist these combating the rise in costs, Oxfam is pushing governments to tax the rich and companies.
It is asking for a brief 90% tax on extra company earnings, in addition to a one-time tax on billionaires’ wealth.
The group would additionally prefer to levy a everlasting wealth tax on the super-rich. It suggests a 2% tax on property higher than $5 million, rising to five% for internet value above $1 billion. This might increase $2.5 trillion worldwide.