A lot of the soar in wealth got here within the first 12 months of the pandemic. It then plateaued and has since dropped a bit, mentioned Max Lawson, head of inequality coverage at Oxfam.
“I’ve by no means seen such a dramatic development in poverty and development in wealth on the identical second in historical past,” Lawson mentioned. “It may damage lots of people.”
Benefiting from excessive costs
Billionaires within the meals and agribusiness sector have seen their whole wealth enhance by $382 billion, or 45%, over the previous two years, after adjusting for inflation. Some 62 meals billionaires have been created since 2020.
In the meantime, the online value of their friends within the oil, fuel and coal sectors jumped by $53 billion, or 24%, since 2020, after adjusting for inflation.
Forty new pandemic billionaires have been created within the pharmaceutical business, which has been on the forefront of the battle in opposition to Covid-19 and the beneficiary of billions in public funding.
Tax the wealthy
To counter the meteoric development in inequality and assist these combating the rise in costs, Oxfam is pushing governments to tax the rich and firms.
It’s calling for a short lived 90% tax on extra company income, in addition to a one-time tax on billionaires’ wealth.
The group would additionally wish to levy a everlasting wealth tax on the super-rich. It suggests a 2% tax on property higher than $5 million, rising to five% for internet value above $1 billion. This might elevate $2.5 trillion worldwide.