ECONOMY

Has Covid19 Widened the Gap Between the Rich and the Poor?

In just nine months, the world’s richest 1,000 people have recovered from their COVID-19 losses, while the world’s poorest could take over a decade to recover from the pandemic’s economic impacts, according to a new report by Oxfam. Meanwhile, the ten richest men on the planet have seen their combined wealth increase by half a trillion dollars since the pandemic began, enough to pay for a COVID-19 vaccine for everyone and prevent anyone from being pushed into poverty. At the same time, the pandemic has ushered in the worst job crisis in over 90 countries  with hundreds of millions of people now underemployed or out of work.

The 10 richest men in 2022 according to Forbes are Elon Musk, Jeff Bezos, Bernard Arnault and family, Bill Gates, Warren Buffett, Larry Page, Sergey Brin,  larry Ellison, Steve Ballmer, and Mukesh Ambani

Oxfam report shows that COVID-19 has increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago. Rising inequality means it could take at least 14 times longer for the number of people living in poverty to return to pre-pandemic levels than it took for the fortunes of the top 1,000, mostly White male, billionaires to bounce back. 


This stark contrast between the super-rich and those struggling to make ends meet highlights the deepening economic, racial, and gender divides that the pandemic has brought to light. As governments around the world work to rebuild their economies, it is essential that they prioritize policies that promote equality and inclusivity to end poverty and protect our planet.

Shey Julius Nkuh

A Conflict Resolution graduate currently persuing Master's Degree in the University of Buea, Cameroon. Believes in the role of the media as an educational, informational and entertainment tool . He is also passionate about creating awareness to societal crisis. For this reason, has dedicated most of his time to charity. He derives pleasure in blogging and creating contents for you.

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