As Covid Ravaged The World, Billionaires Got Richer By $3.9 Billion: Non-Profit Group Oxfam

As Covid Ravaged The World, Billionaires Got Richer By $3.9 Billion: Non-Profit Group Oxfam

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World's 10 richest billionaires' wealth increased by $540 billion, the report said (Representational)

The coronavirus pandemic has reinforced frightening income inequalities - and their consequent impact on access to education, healthcare and all hope of a better life - between the world's super-rich and the hundreds of millions of people who live and die in abject poverty, non-profit group Oxfam said Monday in a report to be tabled at the Davos summit in Switzerland.

The report - titled The Inequality Virus - is sharply critical of "flawed and exploitative economic systems... entrenched inequality and oppression, namely patriarchy and structural racism, ingrained in white supremacy" and identifies these as "the root causes of injustice and poverty".

"Worldwide, billionaires' wealth increased by a staggering $3.9 trillion between March 18 and December 31, 2020... The world's 10 richest billionaires have seen their wealth increase by $540 billion over this period," the report said.

"At the same time, the pandemic saw hundreds of millions of people lose their jobs and face destitution and hunger... It is estimated that the total number of people living in poverty could have increased by between 200 million and 500 million," it added.

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