Global Billionaires See $5.5 Trillion Pandemic Wealth Surge
The world’s billionaires have seen their wealth surge by over $5.5 trillion since the beginning of the pandemic in March 2020, a gain of over 68 percent. The world’s 2,690 global billionaires saw their combined wealth rise from $8 trillion on March 18, 2020 to $13.5 trillion as of July 31, 2021, drawing on data from Forbes.
Global billionaire total wealth has increased more over the past 17 months of the pandemic than it did in the 15 years prior to the pandemic. Between 2006 and 2020, global billionaire wealth increased from $2.65 trillion to $8 trillion, a gain of $5.35 trillion.
Billionaires have reaped an unseemly windfall at a time when millions have lost their lives and livelihoods. The pandemic has supercharged existing global inequalities, with the wealthy profiteering from the shuttering of the main street economies around the world.
Global equality advocates are calling on national governments to levy a one-time 99 percent tax on these billionaire windfall pandemic gains, to pay for everyone on Earth to be vaccinated against COVID-19 and provide a $20,000 cash grant to all unemployed workers. The analysis and proposal were released today by Oxfam, the Fight Inequality Alliance, the Institute for Policy Studies, and the Patriotic Millionaires. The organizations are calling on governments to tax the ultra wealthy who profited from the pandemic crisis to help offset its costs.
https://ips-dc.org/global-billionaires-see-5-5-trillion-pandemic-wealth-surge/
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