The world’s 10 richest people added enough money to their fortunes last year to buy COVID-19 vaccines for every person on the planet, a new report says. British anti-poverty organization Oxfam included the stunning finding in a wide-ranging report to
Author: Noah Manskar
Published: 2021-01-25 07:48 am
World’s ten richest people gained enough wealth to buy COVID vaccines for all
nypost.com

The world’s 10 richest people added enough money to their fortunes last year to buy COVID-19 vaccines for every person on the planet, a new report says.

British anti-poverty organization Oxfam included the stunning finding in a wide-ranging report to illustrate how the pandemic has widened the divide between the rich and the poor.

“Rigged economies are funneling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic — shop assistants, healthcare workers, and market vendors — are struggling to pay the bills and put food on the table,” Oxfam International executive director Gabriela Bucher said in a statement.

The 10 richest billionaires saw their collective wealth increase by $540 billion from March 18 — around the time the coronavirus caused a historic crash in global stock markets — through Dec. 31, according to Oxfam’s analysis of Forbes wealth data.

That’s more than enough to cover the estimated $141.2 billion cost of producing, distributing and delivering COVID-19 vaccines for the entire global population, the nonprofit said in its Monday report.

Tthe billionaires could also use their added wealth to prevent anyone from falling into poverty as a result of the pandemic — which Oxfam says would cost about $88 billion for a year — and still end up with a gain, according to the report.

Billionaires such as Amazon chief Jeff Bezos, Tesla boss Elon Musk and Facebook founder Mark Zuckerberg saw their fortunes explode last year as the stock market staged a record-setting rebound from its pandemic-induced crash.

(image)
A Florida healthcare worker at the Jackson Health Systems receives a Pfizer-BioNtech COVID-19 vaccine.
Joe Raedle/Getty Images

Their gains offered a sharp contrast to the massive job losses and economic contractions that resulted from the virus and efforts to control it. The Organization for Economic Cooperation and Development expects the global economy to have shrunk by 4.2 percent last year thanks to the pandemic.

Oxfam urged world leaders to address these inequities by increasing corporate taxes, closing tax havens and expanding social welfare programs.

The group released the recommendations on the first day of the World Economic Forum’s annual Davos conference, which is being held virtually this year.

“Extreme inequality is not inevitable, but a policy choice,” Bucher said.

>
Read Full Story

Vanessa Bryant slams LA County sheriff over LeBron James challenge

nypost.com - 6 months ago
Vanessa Bryant slammed Los Angeles County Sheriff Alex Villanueva for challenging NBA star LeBron James this week to match and double the reward money offered for information on the gunman responsible for the ambush shooting of two deputies in Compton. In
Read More

3-year-old Missouri boy had stroke after COVID diagnosis: doctors

nypost.com - 2 months ago
A 3-year-old Missouri boy who’d been diagnosed with the coronavirus was partially paralyzed after suffering a stroke — and yet will likely make a complete recovery, a local report said. Little Colt Parris lost the ability to move his right arm and leg on
Read More

Suspect in Gretchen Whitmer kidnap plot seeks prison release

nypost.com - 2 months ago
Federal prosecutors say he’s a “violent extremist” but the Delaware man charged with plotting to kidnap Michigan’s governor wants to be released from prison as he awaits court hearings. Barry Croft Jr., 45, was described as the “ringleader” in the plot to
Read More

Bitcoin tops $50K, hits new record as it becomes more mainstream

nypost.com - 2 weeks ago
Bitcoin surged above $50,000 early Tuesday as a growing number of major companies warmed up to the world’s largest cryptocurrency. The bitcoin price hit an all-time high of $50,584.85 around 7:30 a.m., continuing a rally that’s seen the digital coin’s
Read More