Oxfam: Billionaires added $5 trillion to their fortunes during the pandemic
The report was released ahead of the World Economic Forum’s online Davos agenda, which will take place this week after the group’s in-person annual meeting was delayed due to Omicron. Oxfam argues that governments should tax the gains made by the super-rich during the pandemic and use the money to fund health systems, pay for vaccines, tackle discrimination and tackle the climate crisis.
“Billionaires had a terrible pandemic. Central banks pumped billions of dollars into financial markets to save the economy, but much of that ended up lining the pockets of billionaires in the midst of a stock market boom,” he said. said Gabriela Bucher, executive director of Oxfam. A press release.
“Inequality at such a rate and on such a scale is happening by choice, not by chance,” Bucher said. “Not only have our economic structures made us all less secure against this pandemic, but they actively allow those who are already extremely wealthy and powerful to exploit this crisis for their own gain.”
Vaccine inequality has become a major problem as many of the world’s wealthiest countries hoard vaccines, buy enough doses to vaccinate their populations multiple times, and fail to deliver on their promises to share them with the developing world.
Billionaires are being asked to use their wealth to help the less fortunate.
David Beasley, director of the United Nations World Food Programme, called on billionaires, including Bezos and Musk, to “act now, in a timely manner” to help solve world hunger in November.
The call received a direct response from Musk, who later said on Twitter that if the organization could explain “exactly how” the funding would solve the problem, he would “sell Tesla stock right now and do it.”
The CEO did not respond publicly when the UN released a plan.