The Super Rich have already Recovered from the Global Pandemic, as for the poor it will take longer – Oxfam Report

It took Nine months for the world’s top 1,000 billionaires to recoup their fortunes after the coronavirus pandemic hit.More than a decade is how long it could take the world’s poorest to recover, according to Oxfam International’s annual inequality report.

The report, released on Sunday ahead of the World Economic Forum’s virtual meeting of political and financial leaders, typically held in Davos, Switzerland, lays out the virus’ disparate impact around the globe. The pandemic could increase economic inequality in almost every country at once, the first time this has happened, Oxfam found.”We stand to witness the greatest rise in inequality since records began.

The deep divide between the rich and poor is proving as deadly as the virus,” said Gabriela Bucher, Oxfam’s executive director. “Rigged economies are funneling wealth to a rich elite who are riding out the pandemic in luxury, while those on the front line of the pandemic — shop assistants, health care workers, and market vendors — are struggling to pay the bills and put food on the table.”

The coronavirus, which has infected nearly 100 million people and killed more than 2.1 million globally, has thrust inequality into the spotlight. How people cope has differed by race,by gender and by income.

CNN Business

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