Oxfam says pharma, food, energy and technology sectors are benefiting from global woes
In the last two years, moguls in the pharma, food, energy and technology industries have popped up a new billionaire every 30 hours. “Manipulate” Economic measures, Oxfam reported Monday. As commodity prices skyrocket, another 263 million people will fall into extreme poverty this year, unless the airwaves redistribute, the charity warns, signaling a message to a gathering of the super-rich at the Swiss resort of Davos.
Oxfam has published a report on the subject “Benefit from Pain” The first World Economic Forum was scheduled to take place after the outbreak of the Covid-19 epidemic. Oxfam urges rich and powerful people gathered in Switzerland this week to choose whether they want to be “Proxies for billionaires who rob their economy” Or work for the benefit of mankind.
“The very rich and powerful benefit from pain and suffering. That’s absurd. “ Oxfam International Executive Director Gabriella Butcher. “This strange inequality is breaking the bonds that unite us as human beings. It is divisive, corrosive and dangerous. It’s the inequality that literally kills. “
According to Oxfam, 573 people became new billionaires during the epidemic. In the first 24 months of the Covid-19 crisis, the combined wealth of the class increased more than in the previous 23 years. The total wealth of billionaires now stands at 13.9% of world GDP, up from 4.4% in 2000, the summary said.
The pharmaceutical, food, energy and technology sectors have benefited the most from the transfer of resources, Oxfam said. The epidemic has created 40 new pharmaceutical billionaires as companies like Moderna and Pfizer have enjoyed an advantage for their vaccine against Covid-19.
They were funded by government investment to develop their products, but they are still charging the government 24 times more than the cost of generic production, Oxfam said. The group estimates that vaccines alone have cost Big Pharma $ 1,000 per second.
The billionaires in the food and agribusiness business have seen a 45% increase in their wealth in two years, reaching $ 382 billion and adding 62 people to their list. Oxfam noted that the Kargil family alone now has 12 billionaires, up from eight before the epidemic. The Walton family, which owns about half of the retail chain Walmart, is now valued at a total of $ 238 billion, according to estimates.
The five largest power companies, including BP, Shell, TotalEnergy, Exxon and Chevron, made a combined profit of $ 82 billion last year. Oxfam says its profits have doubled as prices have risen during the oil crisis. In two years, oil, gas and coal billionaires have increased their wealth by $ 53.3 billion, or 24%.
The technology sector has similarly enjoyed rapid growth in epidemics and as a result has created some wealthy individuals, the brief said. Apple, Microsoft, Tesla,
Amazon, and Alphabet made 271 billion in profits in 2021, almost double that of 2019. Seven out of ten richest people in the world are technology entrepreneurs.
“The fortunes of the billionaires have not increased because they are now smart or working hard. Workers are working harder on lower wages and worse. The super-rich have been manipulating the system for decades with impunity and are now reaping the benefits. ” Dr. Bukhar.
“They have seized a staggering amount of the world’s wealth as a result of privatization and monopoly, hiding their cash in tax havens while regulating and undermining workers’ rights – all in alliance with the government.” He added.
With prices of essential commodities such as food skyrocketing, Oxfam expects another 263 million people to be plunged into extreme poverty by 2022. It recommends addressing the situation by imposing taxes on the super-rich. The group called for a one-time solidarity tax on epidemics, a tax on surplus profits to end the crisis, and a permanent wealth tax to curb the economic and political power of wealthy individuals and large corporations.