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Pandemic creates new billionaire every 30 hours: Oxfam at Davos


As the rich and powerful from across the globe gather here for the World Economic Forum Annual Meeting 2022, Oxfam International on Monday said the COVID-19 pandemic has seen one new billionaire emerging every 30 hours, while nearly one million people could be pushed into extreme poverty every 33 hours this year.


Releasing a report titled 'Profiting from Pain' here in Davos, the rights group further said as the cost of essential goods rises faster than it has in decades, billionaires in the food and energy sectors are increasing their fortunes by USD one billion every two days.


The WEF, which describes itself as an international organisation for public-private partnership, is hosting its annual meeting in Davos after a gap of more than two years.


"Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes. The pandemic and now the steep increases in food and energy prices have, simply put, been a bonanza for them. Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive," said Gabriela Bucher, Executive Director of Oxfam International.



Read more at: https://economictimes.indiatimes.com/news/international/business/pandemic-creates-new-billionaire-every-30-hours-oxfam-at-davos/articleshow/91741322.cms

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