According to the anti-poverty organization, rising inequities are “tearing our planet apart.” Elon Musk, Jeff Bezos, Mark Zuckerberg, and Bill Gates are some of the wealthiest people in the planet.

According to an Oxfam research released on Monday, the world’s ten wealthiest men doubled their fortunes during the Covid-19 epidemic as poverty and inequality rose.

The 10 wealthiest men’s fortunes soared from $700 billion to $1.5 trillion (€1.314 trillion) at a rate of about $1.3 billion every day, according to the foundation, which is dedicated to fighting worldwide poverty.

While the riches of the world’s billionaires have soared, the poorest people on the planet are in much worse shape. According to the document “Inequality Kills,” issued ahead of the World Economic Forum’s Davos meeting, which this year is being hosted online owing to the ongoing epidemic, “nearly 160 million people are predicted to have been forced into poverty.”

Economic violence tearing world apart

According to Oxfam’s report, rising economic, gender, and racial inequities, as well as global disparities, are “tearing our world apart.”

“This is not by chance, but by design: ‘economic violence’ occurs when structural policy decisions favor the wealthiest and most powerful people. This is harmful to all of us, but especially to the poorest people, women and girls, and racialized groups”. The authors of the report went on.

“It has never been more critical to begin righting the violent wrongs of this obscene inequality by clawing back elites’ power and extreme wealth, including through taxation—getting that money back into the real economy and saving lives,” said Gabriela Bucher, executive director of Oxfam International.

“The Covid-19 pandemic has exposed both the motive of avarice and the opportunity for severe inequality to become an instrument of economic aggression through political and economic means,” Bucher remarked.

Zuckerberg and Gates see wealth soar

The authors of the article advocated for progressive taxes, proven inequality-busting strategies, and a power shift in the economy and society to reduce extreme wealth.

Elon Musk, the CEO of Tesla and SpaceX, Amazon’s Jeff Bezos, Google founders Larry Page and Sergey Brin, Facebook’s Mark Zuckerberg, former Microsoft CEOs Bill Gates and Steve Ballmer, former Oracle CEO Larry Ellison, US investor Warren Buffet, and Bernard Arnault, the CEO of the French luxury group LVMH, are among the world’s richest men, according to Forbes.

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