Coronavirus: New billionaire every 30 hours during ‘bonanza’ pandemic; millions crash into poverty, Oxfam says
- Analysis by the anti-poverty group revealed 573 people reached the 10-figure financial status during the global health crisis, which was ‘a bonanza for them’
- The organisation also noted that this year it expects ‘263 million more people will crash into extreme poverty, at a rate of a million people every 33 hours’
A new billionaire was created every 30 hours during the ongoing coronavirus pandemic, according to a new analysis by Oxfam.
The report, released by the international organisation focused on fighting poverty, said 573 people reached the 10-figure financial status criteria.
By contrast, the organisation also noted that this year it expects “263 million more people will crash into extreme poverty, at a rate of a million people every 33 hours.”
The combined wealth of billionaires worldwide is equivalent to 13.9 per cent of global GDP, according to Oxfam. More than 2,600 billionaires own about US$12.7 trillion, and the world’s richest 20 billionaires are worth more than the entire GDP of the countries in Sub-Saharan Africa.
The organisation’s analysis reveals that billionaires and corporations in the food, energy, pharmaceutical and technology sectors raking in some of the most significant wealth.
The financial figures came from Forbes’ billionaire list from March 2020 to March 2022, to analyse the wealth of the richest people around the world.