Between March 18 and December 31, 2020 billionaires worldwide saw their wealth increase by a staggering $3.9 trillion. To what equals to G20 governments having spent in response to the pandemic, the total of such billionaires now touches $11.95 trillion.
The Executive Director of Oxfam International Gabriela Bucher, talking about the impact of Covid-19 on the world economy said “ We stand to witness the greatest rise in inequality since records began. The deep divide between the rich and poor is proving as deadly as the virus. Rigged economies are funneling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic — shop assistants, healthcare workers, and market vendors — are struggling to pay the bills and put food on the table”.
A new report by Oxfam on Monday said “ the wealth of Indian billionaires increased by 35 percent during the lockdown and by 90 percent since 2009 to $422.9 billion, ranking India sixth after the US, China, Germany, Russia and France.
In fact, the increase in wealth of the top 11 billionaires of India during the pandemic could sustain the NREGS scheme for 10 years or the health ministry for 10 years,” according to the Oxfam report.
Since March as the government announced lockdown, India’s top 100 billionaires saw their fortunes increase by Rs 12.97 trillion.
The money 3.9 trillion dollars (28,44,24,85,50,00,000) was enough to give every one of the 138 million poorest Indians a cheque for Rs 94,045 each.
Oxfam’s report showed how the rigged economic system is enabling a super-rich elite to amass wealth in the middle of the worst recession since the Great Depression while billions of people are struggling to make ends meet.
Revealing how the pandemic is deepening long-standing economic, racial and gender divides. Women and Marginalised groups being affected the most world over.
“Extreme inequality is not inevitable, but a policy choice. Governments around the world must seize this opportunity to build more equal, more inclusive economies that end poverty and protect the planet,” added Bucher.
“Governments around the world must seize this opportunity to build more equal, more inclusive economies that end poverty and protect the planet. Governments must ensure everyone has access to a COVID-19 vaccine and financial support if they lose their job.” Added Butcher.