Report: World’s 10 richest men doubled wealth during Covid

Musk poses as he arrives on the red carpet for the Axel Springer Awards ceremony, in Berlin. The fortunes of the world’s ten richest men have doubled since the start of the pandemic while the incomes of 99% of humanity have shrunk, according to an Oxfam report on Jan 17. — AFP

PARIS: The world’s 10 wealthiest men doubled their fortunes during the first two years of the coronavirus pandemic as poverty and inequality soared, a report said on Jan 17.

Oxfam said the men’s wealth jumped from US$700bil (RM2.92 trillion) to US$1.5 trillion (RM6.27 trillion) at an average rate of US$1.3bil (RM5.43bil) per day, in a briefing published before a virtual mini-summit of world leaders being held under the auspices of the World Economic Forum.