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Economic Violence Starts Inequality As World’s Super-rich Wealth Skyrocketed During Pandemic

(Photo by John Guccione from Pexels)

A research concluded that the world’s wealthiest people’s fortune grew at an unprecedented rate during the pandemic. This imbalance is referred to as “economic violence,” and it is responsible for the deaths of 21,000 individuals per day due to poor healthcare, gender-based violence, famine, and climate change.

Deadly Inequities

ABC News reported that following the COVID-19 pandemic, the world’s ten richest men doubled their fortunes, according to a report released Monday by Oxfam, showcasing how the global health crisis has furthered the split between the haves and those who do not and the need for a policy solution to prevent these “deadly” inequities.

According to Oxfam, almost 99 percent of people’s earnings worldwide have decreased, and more than 160 million people have been driven into poverty. However, between March 2020 and November 2021, the wealth of the world’s wealthiest men more than doubled, rising from around $700 billion to $1.5 trillion, it shows economic violence.

Billionaires Have Been Hitting Jackpot  

Oxfam added that a group of charities dedicated to reducing global poverty, billionaires’ wealth increased more during the pandemic than it had in the past 14 years when the world economy was in the midst of the worst recession since the 1929 Wall Street Crash. According to the charity, the pandemic has pushed millions of people into poverty, with non-white ethnic minorities and women suffering the worst of the burden as injustice has risen.

According to Oxfam International Executive Director Gabriela Bucher, Billionaires have had a great pandemic. Central banks injected trillions of dollars into financial markets to save the economy, but much of it landed going into the pockets of billionaires enjoying the stock market surge.

Even though the employment market and the economy as a whole are still burbling, the stock market has risen significantly since March 2020, in part to the Federal Reserve’s monetary policies. So it resulted in huge, often untaxed, riches gain for the wealthy while leaving the poor, who don’t own any market shares, out of the picture.

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