Australia’s Billionaires and Other World’s Richest Men Double Their Wealth During the Pandemic, Oxfam Analysis Says

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According to recent research, Australia’s billionaires’ wealth increased by 61 per cent during the pandemic, sparking new calls for the government to reconsider its stage three tax cuts before the May federal budget.

The combined fortune of Australia’s 47 billionaires has increased by two times, to $255 billion, in the last two years.

At a rate of $1.6 billion daily, the top 10 wealthiest men worldwide have increased their combined wealth by more than twofold to $1.9 trillion.

Lyn Morgain, CEO of Oxfam Australia, said on ABC’s RN program, “we have a situation where 10 men hold more wealth than two-thirds of humanity.”

“Not only that, but that bottom 40 per cent are hanging on by a thread.”

The report also claims that the levels of global inequality highlighted in the research are “unprecedented,” and COVID-19 has widened the gap between the “haves and have-nots.”

Elon Musk, the co-founder of Tesla, Jeff Bezos, and Mark Zuckerberg are among the top ten super-rich, and their growing fortune has experienced the most significant year-over-year gain in wealth since records have been kept.

The charity claimed that more than 160 million people had been forced into poverty at the same time a group of these men was using their wealth to launch rockets into space.

“Central banks have pumped trillions of dollars into financial markets to save the economy, yet much of that has ended up lining the pockets of billionaires riding a stock market boom,” Ms Morgain said.

According to the charity, twenty new “pandemic billionaires” have also been created in Asia thanks to the international response to COVID-19.

Oxfam is urging governments to consider a 99 per cent, one-off windfall tax on the COVID-19 wealth gains, calling the inequality a form of “economic violence.”

The recent analysis is a stark reminder of the urgent need to address global inequality and ensure everyone can benefit from our collective wealth.

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