Oxfam Report on ‘Pandemic Billionaires’

Oxfam has recently released its report on “Pandemic Billionaires”. As per report, covid has not only took livelihood for millions but it has also created new billionaires.

Findings of the report

• As per report, people in Asia witnessed their wealth zoom during the covid-19 pandemic. These people were mostly associated with pharmaceuticals sector.
• By March 2021, profits from the pharmaceuticals, services required to fight covid and medical equipment made 20 people rich even amid the lockdowns and economic stagnation.
• These people were from India, China, Japan and Hong Kong.
• The Asia-Pacific region saw the total number of billionaires growing by almost a third from 803 in March 2020 to 1,087 by November last year.
• Their collective wealth increased by three-quarters that is 74 per cent.
• Richest 1 per cent owned more wealth as compared to poorest 90 per cent in Asia.
• Report mentions that, wealth gap is further set to increase.

Who are the billionaires?

New billionaires include:

1. Li Jianquan– His firm named Winner Medical makes personal protective equipment (PPE) for health workers.
2. Dai Lizhong– His company, Sansure Biotech, makes COVID-19 tests and diagnostic kits.

Projected number of millionaires

Number of millionaires is projected to increase at 15.3 million, by 2025. It accounts for a 58 per cent increase on 2020.

Increasing inequality

World Bank and IMF have also stated that, coronavirus will result into significant increase in global economic inequality. World Bank had also predicted that, global extreme poverty is likely to increase due to pandemic related disruptions. Pandemic is expected to push an additional 88 million to 115 million people towards extreme poverty in 2022.

Month: Current Affairs - January, 2022

Category: Reports & Indexes Current Affairs