Oxfam (Feb 2021) The report shows that COVID-19 has the potential to increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago. Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly White male, billionaires to bounce back.
- Mega-rich recoup COVID-losses in record-time yet billions will live in poverty for at least a decade, new report by Oxfam reveals
- The report called 'Inequality Virus’ is being published on the opening day of the World Economic Forum’s ‘Davos Agenda’
- The report shows that COVID-19 has the potential to increase economic inequality in almost every country at once
The report shows that COVID-19 has the potential to increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago. Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly White male, billionaires to bounce back.
In Asia, 711 billionaires have seen their fortunes increase by $1.5 trillion dollars since March, enough to give all 157 million people forced into poverty by Covid-19 in the region a cheque for $9,000 each.
In South Asia—the poorest subregion—101 billionaires have seen their fortunes increase by $174 billion dollars since March, enough to give all 93 million people forced into poverty by COVID-19 in the region a cheque for $1,800 each.East Asia and Pacific’s 610 billionaires have seen their fortunes increase by $1.3 trillion dollars since March, enough to give all 64 million people forced into poverty by Covid-19 in the region a cheque for $20,000 each.