Richest men on Earth £400billion better off
THE world’s 10 richest men have seen their combined wealth rocket by £400billion in the pandemic – enough to fund Covid jabs for everyone on the planet, Oxfam reveals.
The charity has repeated calls for a windfall tax on global corporations that benefited most in 2020.
Among those whose fortunes have surged is Jeff Bezos, founder and boss of online giant Amazon, who is now more than £50billion better off. He was the world’s richest person until overtaken by Elon Musk.
The tycoon who runs electric car maker Tesla and is behind a series of space projects has seen his riches catapult by £94billon.
Others whose wealth has leapt include Microsoft billionaire Bill Gates, Facebook founder Mark Zuckerberg and Google tycoon Larry Page.
Most have seen their riches soar thanks to booming demand for their products and services.
But the rich have also benefited from taxpayerbacked financial packages propping-up Covid-hit economies. Danny Sriskandarajah, Oxfam UK chief executive, said: “The virus hit an already profoundly unequal world and without urgent action to make our economies work for everyone, things are set to get much, much worse.
“Billions of people were living on the edge when the pandemic began and had no resources or support to weather this fierce storm.
“Across the world we see people struggling to feed their families and keep a roof over their heads, while paid employment becomes harder to come by.
“At the same time, a tiny number of individuals have pocketed more money in nine months than they could spend in a lifetime.”
Oxfam warns that, unless rising inequality is tackled, half a billion more could be living in poverty, on less than £4 a day, by 2030 than at the start of the pandemic.
The charity has criticised countries, including the UK, which cut foreign aid.
It says targeting the 32 global corporations which have gained the most could have raised £76billion in 2020. Mr Sriskandarajah went on: “We have to build back better. The fight against inequality must be at the heart of economic rescue and recovery efforts.”
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Amount in billions of pounds that Elon Musk’s fortune has grown