By Sam Ord
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New billionaires every week

The super-rich became even richer during the pandemic — it's time to make them pay
Issue 2806
billionaires are grabbing more money

A new report details how billionaire’s riches have grown

Every 30 hours during the Covid pandemic, one new billionaire was created while almost a million people were pushed into extreme poverty. A new Oxfam brief, “Profiting from Pain” comes as the elite gather at the World Economic Forum in Davos, Switzerland. The brief outlines that the pandemic has created 40 new pharma billionaires. 
 
The rise comes from corporations like Moderna and Pfizer controlling the Covid vaccine despite public investment.  These corporations make almost £800 profit every second partly by charging governments up to a 24 times markup.  Meanwhile 87 percent of people in low-income countries aren’t fully vaccinated.
 
The wealth of the world’s billionaires is now equivalent to 13.9 percent of global GDP. The ten richest men now hoard more wealth than the bottom 40 percent.  A worker in the bottom 50 percent would have to work 112 years to earn the annual amount of someone in the top 1 percent.
 
“The extremely rich and powerful are profiting from pain and suffering,” said Gabriela Bucher, Executive Director of Oxfam International. “Some have grown rich by denying billions of people access to vaccines, others by exploiting rising food and energy prices. 
 
“They are paying out massive bonuses and dividends while paying as little tax as possible. “This rising wealth and rising poverty are two sides of the same coin, proof that our economic system is functioning exactly how the rich and powerful designed it to do.”

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