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Mon Jan 25, 2021, 06:31 PM

'Wealth increase of 10 men during pandemic could buy vaccines for all'



The combined wealth of the world's 10 richest men rose by $540bn (400bn) during the pandemic, according to Oxfam.

The charity claims this amount would be enough to prevent the world from falling into poverty because of the virus, and pay for vaccines for all.

The organisation is urging governments to consider taxes on the super-rich.

Oxfam's report comes as global leaders gather virtually for the World Economic Forum's "Davos Dialogue" meeting.

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In December 2020, the total wealth of billionaires worldwide hit $11.95tn - equivalent to the recovery spending of all the G20 governments put together, according to the charity.

The 10 richest people, whose fortunes rose by $540bn since March 2020, include Amazon founder Jeff Bezos, Tesla founder Elon Musk and Facebook founder Mark Zuckerberg.

Oxfam claims that the billionaires' fortunes rose due to rebounding stock markets and a "rigged economy", causing rising inequality during the "worst economic downturn in a century".



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