The Original Fuck You Bomb
I hope we all can agree this is disgusting.London (CNN Business)Billionaires added $5 trillion to their fortunes during the pandemic, according to Oxfam, exacerbating economic inequality as the pandemic pushed millions of people around the world into poverty.
Using data compiled by Forbes, Oxfam says in a new report that the total wealth of billionaires jumped from $8.6 trillion in March 2020 to $13.8 trillion in November 2021, a bigger increase than in the previous 14 years combined. The world's richest 10 men saw their collective wealth more than double, shooting up by $1.3 billion a day.
The report was released ahead of the World Economic Forum's online Davos Agenda, which will take place this week after the group's annual in-person meeting was delayed due to Omicron. Oxfam argues that governments should tax gains made by the super-rich during the pandemic and use the money to fund health care systems, pay for vaccines, fight discrimination and address the climate crisis.
As millions fell into poverty during the pandemic, billionaires' wealth soared
"Billionaires have had a terrific pandemic. Central banks pumped trillions of dollars into financial markets to save the economy, yet much of that has ended up lining the pockets of billionaires riding a stock market boom," Gabriela Bucher, Oxfam's executive director, said in a press release.