World's billionaires have grown richer over pandemic than previous 23 years

Charity Oxfam claims there are actually 2,668 billionaires on the earth, 573 greater than in 2020 and they’re collectively value an estimated £10.2trillion

The world’s billionaires have grown richer for the reason that begin of the Covid disaster than throughout a 23-year interval, Oxfam studies.

The charity says there are actually 2,668 international billionaires, 573 greater than in 2020.

They’re collectively value £10.2trillion – a rise of £3tn for the reason that pandemic started.

Oxfam mentioned their wealth grew extra over the previous two years than between 1987 and 2010.

Some have been boosted by a leap in share costs on the again of hovering demand for merchandise.

Oxfam mentioned earnings have surged for meals and power giants, together with US meals firm Cargill.

Within the know-how sector, Oxfam mentioned Apple, Microsoft, Tesla, Amazon and Alphabet ( Google ) made £217bn in earnings in 2021, nearly twice as a lot as in 2019. It made Tesla boss Elon Musk the world’s richest individual, value £174bn.

But hovering power and meals costs have wreaked havoc for others. Oxfam just lately warned that as many as 263 million extra individuals could possibly be pushed into excessive poverty this yr.

Its report, Making the most of Ache, is revealed as governments, enterprise leaders and billionaires meet on the World Financial Discussion board in Davos.

Danny Sriskandarajah, Oxfam GB chief govt, mentioned: “There may be no excuse for governments to not deal with gargantuan earnings and wealth.

“Introducing wealth taxes would increase big sums that might assist susceptible teams to outlive this disaster.

“Within the UK, a windfall tax on power corporations can be a powerful place to begin.”