DAVOS, May 23 — The Covid pandemic has created a new billionaire every 30 hours and now one million people could fall into extreme poverty at the same pace, Oxfam said today as the Davos summit returns.
Oxfam said it expects 263 million people to sink into extreme poverty this year, at a rate of one million every 33 hours, as soaring inflation has added a cost-of-living crisis on top of Covid.“Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes,” Oxfam executive director Gabriela Bucher said in a statement.
“Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive,” she said. It also said it was time to “end crisis profiteering” by rolling out a “temporary excess profit tax” of 90 per cent on windfall profits of big corporations.
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