The Covid-19 pandemic has led to a significant increase in social inequality, according to data from the organization Oxfam. The wealth of the world’s ten richest people has grown from $700 billion to $1.5 trillion, with an average daily increase of $1.3 billion or $130 million per person. Meanwhile, more than 160 million people have fallen into poverty during the pandemic. The situation has led to criticism from experts, who argue that global tax reforms are needed to address the growing wealth gap.
The pandemic has been described as a “gold rush” for billionaires, with governments pumping billions into the economy, much of which has gone to those who benefit most from rising stock prices. While their wealth grows at an unprecedented rate and some take trips to space, global poverty has increased dramatically. In Germany, the ten richest people now own around $256 billion, up from $144 billion before the pandemic, an increase of 78% in just two years. Oxfam is calling for global tax reforms to address the significant increase in social inequality, with additional revenue going towards vaccine production, healthcare, and the fight against gender-based violence and climate change.
Critics have previously questioned the methodology of Oxfam’s study, which is based on the Global Wealth Report of the Bank Credit Suisse. However, experts agree that the findings are likely accurate, but that they should be presented in a more scientifically rigorous and unbiased manner. Despite this, the data highlights the urgent need for action to address the growing wealth gap and ensure that the benefits of economic growth are shared more equitably.
