Inequality kills

1/29/2022 3:00:00 PM

'It is tearing our societies apart.' The super rich became super richer and the super poor became super poorer still.

MS Columns | The world’s small elite of 2,755 billionaires has seen its fortunes grow more during COVID-19 than they have in the whole of the last 14 years—14 years that themselves were a bonanza for billionaire wealth. READ:

'It is tearing our societies apart.' The super rich became super richer and the super poor became super poorer still.

That is one of the most devastating consequences of the two-year-old COVID-19 pandemic.At the same time, per pollster Social Weather Stations in 2021, 82 percent of Filipinos became poor –49 percent felt being poor, and another 33 percent counted themselves borderline poor, meaning poor just the same. In fact, only 17 percent of Filipinos consider themselves “not poor”.

Worldwide, a new billionaire was being created every 26 hours since the pandemic began. The world’s 10 richest men doubled their fortunes, while over 160 million people are projected to have been pushed into poverty, according to Oxfam International, a think tank.

Read more: Manila Standard »

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