Billionaires

The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth. 

The investments of just 125 billionaires emit 393 million tonnes of CO2e each year – the equivalent of France – at an individual annual average that is a million times higher than someone in the bottom 90 percent of humanity.

Food inflation in some East African countries outstrips the global average leaving millions hungry, while food billionaires increased their wealth by $382bn over the last two years.

For every new billionaire created during the pandemic — one every 30 hours — nearly a million people could be pushed into extreme poverty in 2022 at nearly the same rate, reveals a new Oxfam brief today. “Profiting from Pain” is published as the World Economic Forum — the exclusive get-together of the global elite in Davos — takes place for the first time face-to-face since COVID-19, a period during which billionaires have enjoyed a huge boost to their fortunes. 

Over a quarter of a billion more people could crash into extreme levels of poverty in 2022 because of COVID-19, rising global inequality and the shock of food price rises supercharged by the war in Ukraine, reveals a new Oxfam brief today. 

The global repercussions of the Ukraine crisis ―already being felt in fast-rising food, commodity and energy prices― could undermine official aid efforts to help people in other humanitarian hot-spots. 

The COVID-19 death toll has been four times higher in lower-income countries than in rich ones, according to a new report published today by Oxfam on behalf of the People’s Vaccine Alliance as the world marks two years since the World Health Organization declared the pandemic. 

A group of over 100 millionaires and billionaires from nine countries published today an open letter to government and business leaders, calling for permanent annual wealth taxes on the very richest to help reduce extreme inequality and raise revenue for sustained, long-term increases in public services like healthcare. 

The world’s ten richest men more than doubled their fortunes from $700 billion to $1.5 trillion —at a rate of $15,000 per second or $1.3 billion a day— during the first two years of a pandemic that has seen the incomes of 99 percent of humanity fall and over 160 million more people forced into poverty. 

New figures from the Peoples Vaccine Alliance reveal that the companies behind two of the most successful COVID vaccines – Pfizer, BioNTech and Moderna – are making combined profits of $65,000 every minute. The figures based on the latest company reports are released as CEOs from pharmaceutical industry meet for the annual STAT summit —the equivalent of a ‘Big Pharma Davos’— from 16-18 November.