A pedestrian carrying a face masks delivers meals to a homeless particular person sleeping within the entrance of a store, closed on account of coronavirus restrictions, in central London on December 23, 2020.
Tolga Akmen | AFP | Getty Pictures
The pandemic has made the wealthy richer whereas the revenue of the remainder of the world — about 99% of humanity — dropped, in response to a brand new Oxfam report titled “Inequality Kills.”
The wealth of the world’s 10 richest males doubled from $700 billion to $1.5 trillion throughout the pandemic, the worldwide charity said on Monday.
“It has by no means been so vital to begin righting the violent wrongs of this obscene inequality by clawing again elites’ energy and excessive wealth together with by way of taxation — getting that cash again into the true economic system and to save lots of lives,” stated Oxfam Worldwide’s Government Director Gabriela Bucher.
A 99% windfall tax on the pandemic beneficial properties of the world’s 10 richest males would elevate sufficient cash to pay for vaccines for the world — in addition to finance numerous social measures for greater than 80 international locations, the report stated.
The wealth of billionaires rose extra since Covid began in comparison with the final 14 years, and a brand new billionaire was minted each 26 hours for the reason that pandemic started, Oxfam stated.
The CEOs of Covid vaccine-developers Moderna and BioNTech made billions in 2020 on account of the pandemic.
On the similar time, the overwhelming majority of the inhabitants are worse off after shedding revenue throughout Covid-19, and 160 million extra folks fell into poverty, the discharge stated.
One strategy to “claw again” the massive beneficial properties made by billionaires throughout the disaster is to tax the cash that billionaires have made for the reason that begin of the pandemic, the report stated.
“A 99% one-off windfall tax on the Covid-19 wealth beneficial properties of the ten richest males alone would generate $812bn,” the report stated.
“These assets might pay to make sufficient vaccines for your entire world and fill financing gaps in local weather measures, common well being and social safety, and efforts to handle gender-based violence in over 80 international locations,” it additionally stated.
Even after the tax, the world’s 10 richest males would nonetheless be billionaires and as a gaggle, would have elevated their wealth by $8 billion from the beginning of the pandemic, the report stated.
“If these ten males had been to lose 99.999 % of their wealth tomorrow, they’d nonetheless be richer than 99 % of all of the folks on this planet,” stated Bucher.
Past a one-off windfall tax, governments should additionally implement or improve everlasting wealth and capital taxes to “basically and radically scale back wealth inequality,” the report stated.
The Oxfam report was launched forward of this week’s digital World Financial Discussion board conferences, the place world leaders are set to debate international challenges.