The Wealth of 10 Billionaires Grew by Half a Trillion Dollars in 2020, While the Poor Will Take 10 Years to Recover

Oxfam warned that we are facing one of the most unequal events in history.
The Wealth of 10 Billionaires Grew by Half a Trillion Dollars in 2020, While the Poor Will Take 10 Years to Recover
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Entrepreneur Staff
2 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

The SARSCov2 coronavirus pandemic will leave collateral damage that few are taking into account: the radical growth of inequality . This was warned by Oxfam on Monday in its most recent report "The Inequity of the Virus" .

According to the NGO's figures, the 1,000 richest people in the world have already recovered their losses from the beginning of the pandemic. Even the 10 richest people in the world - like Jeff Bezos , Elon Musk , Bill Gates - increased their personal fortunes by more than half a trillion dollars just so far after the crisis.

Meanwhile, Oxfam stressed that unless the world's governments reorganize their economies, it will take 10 years for the poorest to recover their losses from the coronavirus. At the same time, the pandemic has caused the worst jobs crisis in more than 90 years, with hundreds of millions of people underemployed or out of work.

"We are witnessing the largest increase in inequality since the records began. The deep divide between rich and poor is proving as deadly as the virus," Gabriela Bucher, executive director of Oxfam International, noted in the study.

For its part, Oxfam indicated that according to World Bank data, global poverty levels would be higher in 2030 than before the pandemic, with women and the most marginalized racial groups being those who "are more likely to go hungry."

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