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Extreme inequality kills one person every 4 seconds: Oxfam

The 10 wealthiest men in the world, including Elon Musk and Jeff Bezos, earned $ 1.3 billion a day during the Covid-19 pandemic, leaving an additional 160 million in poverty.

Inequality in the distribution of world wealth contributes to the deaths of 21,000 people a day, equivalent to one person every four seconds, a new report by the world’s NGO Oxfam states.

According to data released prior to the World Economic Forum’s Davos Agenda Conference, millionaires around the world have more than doubled their wealth during the pandemic, but lack of access to healthcare and gender-based violence. Millions of hunger and climate emergencies have been found to contribute to death. According to NGOs, this number is a “conservative” estimate.

The briefing, titled Inequality Kills, was held during the first two years of the pandemic by the world’s ten wealthiest men, including space racers Elon Musk and Jeff Bezos, with a total wealth of $ 700 billion to $ 1.5 trillion, or $ 1.5 trillion a day. It shows that it has doubled to $ 1.3 billion per unit. The pandemic creates new millionaires every 26 hours, driving more than 160 million people into poverty.

Even if these 10 men lose 99.999% of their wealth, they are wealthier than 99% of the world’s total population and are six times as wealthy as the poorest 3.1 billion.

This report is published because the World Economic Forum is set up from January 17th to 21st to bring together heads of state, government leaders, international organizations, and business and civil society leaders. The event aims to develop policies on key issues of global concern, such as vaccine equity and climate change, and will be held online this year.


A one-time millionaire tax could get a worldwide vaccine.

Since the beginning of the Covid-19 pandemic and the beginning of the record, the wealth of millionaires has seen the greatest surge. Oxfam can pay a one-time 99% emergency tax on its additional pandemic wealth alone to make enough vaccines for the world, yet billionaires are a total of $ 8 billion cheaper than before the pandemic. Claims to be.

Other parts of the world have lost jobs, income and loved ones, according to the International Monetary Fund (IMF), but millionaires will benefit directly from the $ 16 trillion government has put into the economy to overcome the crisis. I was able to.

Max Lawson, Head of Inequality Policy at Oxfam International, told TRT World: “It’s really astronomical, and there’s a direct link between it and the huge financial intervention of central banks and governments in the economy. Much of that money eventually leaks into the stock market, leaking asset prices. Pushed up and, as a result, increased the wealth of millionaires. “

Last year, we made some progress on corporate tax. Foreword The minimum tax rate for multinational corporations is 15%, agreed by 136 countries. Despite criticisms of loopholes, it was considered a good step forward, but the debate about taxing huge personal wealth has not yet begun.

Elon Musk, the world’s wealthiest man who received billions of dollars in government subsidies for companies that make electric cars and solar panels, said a “true tax rate” of 3.27% between 2014 and 2018. I paid.

“In the context of this huge Covid increase in their wealth, there is reason to demand that they be heavily taxed,” Lawson said.


By eliminating tax havens, we can finance climate, end gender-based violence and mitigate hunger by 2030.

Researchers at the University of California, Berkeley and the University of Copenhagen Estimated Avoidance of corporate taxes has resulted in a $ 200 billion shortage of government revenues around the world, doubling the $ 100 billion annual that developed countries have promised low- and middle-income countries in climate finance for mitigation and adaptation. That’s it. ..

These countries are also accumulating debt as a result of a pandemic, making it even more difficult to direct resources to fend off the worst effects of a climate emergency with little historical responsibility.

According to Oxfam data, 85% of the 107 Covid-19 loans provided by the IMF will drive 73 countries to austerity after the crisis. Since the beginning of the pandemic, two-thirds of all low- and middle-income countries have already cut their education budgets.

The pandemic also set back the estimated time it would take to achieve gender equality across generations from 99.5 to 135.6. Women will lose a total of $ 800 billion in income in 2020 and will be unemployed at a higher rate than men due to overloading unpaid long-term care, but may be engaged in precarious work. Is also expensive.

Pandemics exacerbate gender-based violence and are projected to increase by an average of an estimated 20% during the blockade.

according to The United Nations will cost $ 42 billion to end gender-based violence in 132 priority countries by 2030 through a prevention and response program.

Inequality and race

Several studies have pointed out that pandemics have hit women, minorities and racist groups the most.

Blacks in Brazil are 1.5 times more likely to die of Covid-19 than whites. In the United States, if life expectancy is the same as whites, 3.4 million black Americans would be alive today.

The proportion of people infected with Covid-19 who die from the virus in developing countries is about twice that in developed countries.

“Lack of health care, lack of decent work, lack of housing, lack of safety is a form of violence,” Lawson said. .. “And it’s happening because of the horrific distribution of resources.”

Source: TRT World

https://www.trtworld.com/magazine/extreme-inequality-kills-one-person-every-four-seconds-oxfam-53718?utm_source=other&utm_medium=rss Extreme inequality kills one person every 4 seconds: Oxfam

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