Wealth of top 10 richest men in the world doubled during COVID-19 pandemic: Report

According to a report by Oxfam, the wealth of the top 10 richest men in the world doubled during the ongoing COVID-19 pandemic as poverty and inequality soared. The report further projects that by 2030, around 3.3 billion people will be living on less than $5.50 per day.
Created On: Jan 17, 2022 16:39 IST
Modified On: Jan 17, 2022 16:39 IST
Wealth of top 10 richest men in the world doubled during COVID-19 pandemic: Report
Wealth of top 10 richest men in the world doubled during COVID-19 pandemic: Report

Pandemic Billionaires: The ongoing COVID-19 pandemic has widened the gap between the rich and the poor. According to a report by Oxfam, a confederation of charities that focus on alleviating global poverty, the wealth of the top 10 richest men in the world doubled during the ongoing COVID-19 pandemic as poverty and inequality soared. 

The fortunes of the super-rich witnessed a rise from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per day, more than it did in the past 14 years. It further claimed that it would take the 10 billionaires 414 years to spend their combined wealth at a rate of a million dollars each per day. 

Danny Sriskandarajah, Oxfam GB's chief executive, said, "This year, what's happening is off the scale. There's been a new billionaire created almost every day during this pandemic, meanwhile, 99% of the world's population are worse off because of lockdowns, lower international trade, less international tourism, and as a result of that, 160 million more people have been pushed into poverty."

The report termed it as economic violence and claimed that it has contributed to the 21,000 deaths each day due to a lack of access to healthcare, gender-based violence, hunger and climate change.

The ongoing COVID-19 pandemic plunged over 160 million people into poverty, with non-white ethnic minorities and women bearing the brunt of the impact as inequality soared. By 2030, around 3.3 billion people will be living on less than $5.50 per day. 

The report further highlighted that the incomes of 99% of the world's population had reduced from March 2020 to October 2021. The social spendings of developing nations have also been impacted due to a surge in national debts. 

The group urged tax reforms to fund worldwide vaccine production as well as healthcare, climate adaptation and reduction of gender-based violence to help save lives.

The group said it based its wealth calculations on the most up-to-date and comprehensive data sources available and used the 2021 Billionaires List compiled by the US business magazine Forbes.

Top 10 Richest Men in the World

According to a list prepared by Forbes, the top 10 richest men in the world are mentioned below.

Name Current Wealth Up By
Tesla and SpaceX chief Elon Musk $294.2bn 1016%
Amazon Founder Jeff Bezos $202.6bn 67%
French luxury group LVMH, Bernard Arnault and Family $187.7bn 130%
Former Microsoft CEO Bill Gates $137.4bn 31%
Former Oracle CEO Larry Ellison 125.7bn 99%
Google co-founder Larry Page $122.8bn 125%
Google co-founder Sergey Brin $118.3bn 125%
 Facebook CEO Mark Zuckerberg $117.7bn 101%
Former Microsoft CEO Steve Ballmer $104.4bn 85%
US investor Warren Buffet $101.5bn 40%

Also Read | List of 20 richest people in the world 2021

List of richest countries in the world 2022

FAQ

Who is the richest person in the world?

As per the Forbes Real-Time Billionaires List, Tesla and SpaceX CEO Elon Musk is the richest person in the world.

Who has made the most money since the start of the coronavirus pandemic?

Since the onset of the coronavirus pandemic, Elon Musk's wealth increased 10-fold to $294bn.

How much money do all the billionaires have combined?

The top 10 richest men in the world have a combined wealth of $1.5tn, which is increasing at an average rate of $1.3bn per day. As per the claims made by Oxfam, it would take around 414 years to spend their combined wealth at a rate of a million dollars each per day.
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