On Wednesday, June 1 at 19:30 GMT:COVID-19 has been one of the crucial worthwhile issues to occur in human historical past – however solely a miniscule portion of individuals benefited. A brand new Oxfam report known as “Taking advantage of Ache” discovered that for a brand new billionaire was created each 30 hours in the …
On Wednesday, June 1 at 19:30 GMT:
COVID-19 has been one of the crucial worthwhile issues to occur in human historical past – however solely a miniscule portion of individuals benefited.
A brand new Oxfam report known as “Taking advantage of Ache” discovered that for a brand new billionaire was created each 30 hours in the course of the international pandemic. However practically a million individuals had been pushed into excessive poverty at practically the identical price in 2022 alone.
Researchers discovered that roughly 573 individuals turned new billionaires in the course of the pandemic, with a complete wealth equal to 13.9 % of world GDP. This can be a three-fold improve in wealth from 2000. At present, the world’s 10 richest males possess extra wealth than the underside 40% of humanity, or 3.1 billion individuals.
Company revenue and particular person wealth grew essentially the most within the areas the place the overall inhabitants confronted the best costs and challenges: power, meals, and the pharmaceutical business.
Oxfam is asking for drastic measures to fight inequality. It’s urging governments to introduce a one-off tax on billionaires’ pandemic earnings to assist common individuals pay for the quickly rising price of meals and power, and to create an annual wealth tax of two% on millionaires and 5% on billionaires. It says this tax would generate $2.52 trillion per yr, which may present issues like common well being care and social protections for each resident of low to lower-middle-income nations.
However will these suggestions ever be put into coverage? On this episode we’ll focus on Oxfam’s report, and ask if those that profited from the pandemic have an additional duty to those that suffered essentially the most.
On this episode of The Stream, we’re joined by:
Irit Tamir, @itamir77
Director, Non-public Sector Division, Oxfam
Julia Davis
Founder, Patriotic Millionaires
Achal Prabhala
Public Well being Activist, and Coordinator on the AccessIBSA venture
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