99% humanity suffered, 1 % benefitted in pandemic: Oxfam

Khalid Umar Malik
18 Jan 2022, 03:27 GMT+10

According to a new Oxfam research, Ireland's nine billionaires' wealth has climbed by €18.3 billion, or 58 percent, to €49.7 billion since the pandemic outbreak.
According to the survey, the world's ten richest men more than doubled their fortunes from €610 billion to €1.3 trillion over the first two years of the pandemic.
According to Oxfam, 99 percent of humanity's income has stagnated or dropped throughout the same period, and over 160 million more people have been driven into poverty.

DUBLIN, Ireland - According to a new Oxfam research, Ireland's nine billionaires' wealth has climbed by €18.3 billion, or 58 percent, to €49.7 billion since the pandemic outbreak.

According to the survey, the world's ten richest men more than doubled their fortunes from €610 billion to €1.3 trillion over the first two years of the pandemic.

According to Oxfam, 99 percent of humanity's income has stagnated or dropped throughout the same period, and over 160 million more people have been driven into poverty.

The organization has urged excessive wealth to be taxed in Ireland and worldwide.

This money, it adds, might be used to assist pay the pandemic recovery.

According to Oxfam, a 1.5 percent wealth tax on Irish billionaires worth more than €4 million could generate €4 billion in tax revenue.

According to the charity's research, Inequality Kills, a 1.5 percent tax on Irish billionaires could raise more than €0.7 billion.

"Central banks pushed trillions of euros into financial markets to stabilize the economy, but most of that ended up stuffing the pockets of billionaires riding a stock market boom," said Jim Clarken, CEO of Oxfam Ireland.

"The time has come to correct that imbalance through progressive wealth taxes, as well as other progressive measures like debt relief and cancellation."

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