Wealth Organization: The value of the wealth of the ten richest people has doubled during the pandemic

According to calculations by the British charity Oxfam International, the richest people in the world prospered by $ 15,000 every second and $ 1.3 billion a day during the year.

World the combined wealth of the ten richest people has more than doubled from $ 700 billion to $ 1,500 billion in the first two years of the corona pandemic, estimates British charity Oxfam International.

Between March 2020 and November 2021, the world’s richest became rich by $ 15,000 every second and $ 1.3 billion a day, according to a report released by Oxfam on Monday.

If all the world’s billionaires are included, the value of the wealth of the rich has risen from $ 8,600 billion to $ 13,800 billion during the pandemic.

Ofxam calculates that the combined assets of billionaires have grown more in two years than in the previous 14 years.

Meanwhile, 99 percent of people have lost their income and more than 160 million people have fallen into poverty, the organization says.

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Executive Director of Oxfam International Gabriela Bucher says in a press release that if the world ‘s ten richest people lost 99.999 percent of their wealth, they would still be richer than 99 percent of all people on earth.

Oxfamin the figures are based on a list of billionaires compiled by the financial magazine Forbes. According to it, the ten richest people in the world are Elon Musk, Jeff Bezos, Bernard Arnault, Bill Gates, Larry Ellison, Larry Page, Sergey Brin, Mark Zuckerberg, Steve Ballmer and Warren Buffett.

The income of the rich varies greatly. The value of the assets of Musk, the founder of Tesla, has risen by more than a thousand percent, while the assets of Gates, the founder of Microsoft, have grown more modestly, by 30 percent.

Oxfam’s way of calculating asset value from March 2020 will inflate the billionaire’s asset growth rates. The wealth of the rich is usually based on shareholdings, and stock prices fell sharply in March 2020, when the pandemic began.

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If the wealth of the rich had been calculated before the beginning of March, the growth of wealth would have been more modest.

Oxfam tends to publish an annual report on world inequality ahead of the World Economic Forum’s meeting of economic decision-makers in Davos.

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