Billionaires’ wealth hiked as millions got plunged into poverty in Covid pandemic, says report

In last two years, Covid pandemic has changed the world. It has led to several deaths, restrictions, hospitalisations, economic hardships, etc.  

Several people have been immensely affected by it. But has it brought trouble for everyone? Well, the answer would be no.  

In this deadly pandemic, the wealth of several richest people of the world has increased. This comes as millions of people have also got plunged into poverty, said a report released by Oxfam on Sunday.  

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The report talked about how the wealth of billionaires in the world hiked more than ever before in last two years.  

As per the report, the world’s 10 richest people, who are all white men, have more than doubled their wealth. Their collective wealth has increased from $700 billion to $1.5 trillion.  

A new billionaire seems to have got created every 26 hours between March 2020 and November 2021, the report said. Over 160 million people were also pushed into poverty in this time period.  

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In a news release, Abby Maxman, president, Oxfam America, said, “One of the single most powerful tools we have to address this level of egregious and deadly inequality is to tax the rich.”  

“Instead of lining the pockets of the ultra-wealthy, we should be investing billions of dollars into our economy, our children and our planet, paving the way for a more equal and sustainable future,” added Maxman.  

(With inputs from agencies)