During the Pandemic, on Average, a new Billionaire joined the Club
On the flip side, rising food prices and more factors can push 263 million people into extreme poverty...
Something we have all heard before was how well the Covid pandemic worked out for the wallets of those in the category of the “1%.” Well, since 2020, 573 people have become billionaires which brings the total to 2,668. These numbers can be broken down into a simple statement: Every 30 hours a new billionaire has joined the ranks (on average and so far during the pandemic).
Data provided by Forbes shows just how much wealth has been generated over the past two years. With the World Economic Forum’s meeting coming up in Switzerland, it is well timed that the information has been released.
The net worth of billionaires has grown by $3.8 Trillion to a total of $12.7 Trillion during the Covid pandemic. The strong gains come from a bull run within the stock market and the unlimited printing of money done by the government. The first year of the pandemic gave way to the greatest jump in wealth and has since plateaued.
This year alone, on the flip side, rising food prices and more factors can push 263 million people into extreme poverty. This has reportedly reversed the deceased of progress according to Oxfam.
"I've never seen such dramatic growth in poverty and growth in wealth at the same moment in history. It's going to hurt a lot of people."
Max Larson of Oxfam said.
Read more on how major corporations have profited during the times of inflation and the movement to tax the rich HERE