The Covid-19 pandemic has left a trail of death and destruction in its wake, with one new billionaire created every day during the pandemic, according to Oxfam’s analysis. The report comes as the world grapples with how to respond to the outbreak and prevent future pandemics.
In order to put this figure into perspective, it is worth noting that prior to the pandemic, there were 2,043 billionaires in the world. So, even though Covid-19 caused a number of casualties and economic losses, it has not had a significant impact on the size of the global wealth gap.
What is more concerning is Oxfam’s finding that 95% of all wealth generated during Covid-19 went to the 1% wealthiest people in the world. This represents an increase of $5 trillion since the start of 2014 – a time when average wages were actually decreasing in many countries.
Given these alarming figures, it is clear that we need to find ways to reduce inequality and bring down poverty rates if we are going to prevent future outbreaks of pandemics like Covid-19.
What is Covid-19?
Covid-19 is a new coronavirus that was first identified in 2019. It has caused a number of severe global health emergencies, including the pandemic known as Covid-19.
According to Oxfam’s analysis, there have been ten new billionaires created per day since the Covid-19 pandemic began. This wealth inequality is a result of the pandemic’s impact on economies and societies.
The wealthiest people are benefitting the most from Covid-19, while the poorest people are suffering the most. This wealth inequality is creating a social and economic crisis in many countries around the world.
Oxfam is calling on governments and businesses to take action to address this wealth inequality. They need to invest in social protection schemes, create jobs and growth opportunities for all, and reduce inequality overall.
The Root Causes of Covid-19
According to Oxfam’s analysis, the Covid-19 pandemic has created a new billionaire every day since it began. The organization estimates that there are now 2,473 people with a net worth of over one billion dollars.
Oxfam attributes this rapid increase in wealth to the global response to Covid-19, which has provided emergency funds and support to victims. However, the organization warns that this wealth is not evenly distributed, and that the vast majority of those benefitting from the pandemic are from developed countries.
Oxfam is calling on governments and businesses to do more to address the root causes of poverty and inequality, including increasing access to education and health care, promoting gender equality, and reducing corruption.
What are the Financial Impacts of Covid-19?
According to Oxfam, the Covid-19 pandemic has created a new billionaire every day since it began in March. The organization has released a report that outlines the financial impacts of the pandemic on people around the world.
The report states that the global wealth of billionaires has increased by $2 trillion since 2016, as a result of the Covid-19 pandemic. This increase in wealth is disproportionately distributed among those who have already accumulated large sums of money.
Oxfam is urging governments to take steps to protect vulnerable people and to provide them with humanitarian assistance. The organization is also urging companies to donate money to help finance efforts to combat the pandemic.
What Can We Do to Prepare for Covid-19?
According to Oxfam’s analysis, during the Covid- pandemic, one new billionaire was created per day. This means that the wealth of the world’s richest people increased by more than $2 trillion during that time.
Oxfam is calling on the world’s leaders to take action to prevent future pandemics from causing even more extreme inequality. They propose a range of measures, including a global tax on financial transactions, an increase in global investment in health and education, and stronger regulation of multinationals.
We need to work together to create a world where everyone has the same opportunities and rights. We can’t do it on our own – we need to come together as a global community and take action!
Conclusion
According to Oxfam’s analysis of Forbes’ annual list of the world’s billionaires, during the Covid-19 pandemic one new billionaire was created per day. This means that, as of this writing, there are now 1,789 billionaires in the world. While this number may fluctuate over time, it is clear that wealth is continuing to accumulate at an unprecedented rate during this pandemic. As we continue to face unprecedented challenges like Covid-19, it will be important for us all to keep our eyes on the prize and work together to create a brighter future for all.