During the first two years of the coronavirus pandemic, a new billionaire was minted every 30 hours, according to a new report by Oxfam International. The report, called “Profiting from Pain”, highlights how the pandemic rapidly widened the gap between the world`s richest and poorest. 500 of the world`s richest people becoming billionaires during that time.
In 2022, it is expected that millions of people with fall into extreme poverty every 33 hours. According to the report, 263 million people are predicted to fall into extreme poverty this year, citing the cost of living crisis as one of the many driving factors. While the billionaires who control these assets are set to profit even more, Oxfam warns hundreds of millions could be priced out of staying alive.
Oxfam International`s investigations also concluded that 2,668 billionaires own $12.7 trillion (€11.91 trillion) of the planet`s wealth, with the world`s 10 richest men owning more than the poorest 3.1 billion people on earth.
The report highlighted key industries which are thriving throughout the cost of living crisis. For instance, whilst global food prices have spiralled 33.6 per cent in the last year, global food giant Cargill has increased their wealth by $14.4 billion (€13.49 billion), 65 per cent since 2020.
Likewise, the big oil industry`s profit margins have doubled during the pandemic, while the cost of energy is projected to soar by 50 per cent in 2022. Meanwhile, the pandemic has created new pharmaceutical billionaires, profiting from the monopolies their companies hold over vaccines, treatments, tests, and personal protective equipment, the report said.
“There’s a lot to celebrate as millionaires gather directly in Davos, Switzerland for the first time in more than two years. During the COVID 19 pandemic, her mountain of wealth reached unprecedented dizzying heights.
The Great of Mankind. A pandemic full of sadness and turmoil for the part was one of the best times in the recorded history of the billionaire class, “the report said. The report concludes by calling on the government to introduce a one-time tax on billionaire pandemic profits to allow the general public to buy food and energy in the face of rising prices.
“Government has a lot of room to stop the extreme growth of millionaire wealth and corporate profits in exchange for avoiding the unprecedented cost of living crisis that people are facing today.” The report added.
The organization is calling for the creation of a permanent annual wealth tax that taxes millionaires on 2% of their total annual wealth and taxes millionaires on 5% of their total annual wealth. The report also advocates a temporary 90 percent excess profit tax to capture the plunge profits of companies in all industries that “reduce today’s profits and generate large amounts of money for investment.
” For all of us, it is important for people in the power line to at least find a way to survive the ongoing changes. We hope that by successfully spreading power and wealth, we can reduce the amount of evil around us.
In the face of the digital world, adaptability is prioritized over high financial capacity. Therefore, education on the whole of digitalization needs to be promoted at all levels of society.