As the current billionaire owners of Amazon, Microsoft, Big Tech have seen their fortunes soar during Corona, one billion individuals who are among the poorest in the world may tumble into extreme poverty, according to the UN.
The United Nations Development Program (UNDP) has described a high-damage scenario, stating that 80 % of the pandemic-induced economic crisis will persist for more than a decade. This will produce a situation which basically stalls growth for a much longer time than expected.
“According to the research, the wealth of the current billionaire class grew by 27.5 percent at the height of the crisis, from April to July, reaching a combined $10.2 trillion. The billionaires had mostly benefited from betting on the recovery of global stock markets, UBS said, noting that their wealth had hit “a new high, surpassing the previous peak of $8.9 trillion reached at the end of 2017.”
Extreme Poverty for one Billion while billionaires gain massively from Covid-19: mortality rates and the most recent growth projections by the International Monetary Fund, would result in 44 million more people living in extreme poverty by 2030, compared to the development trajectory the world was on before the pandemic.“A “baseline Covid” scenario, based on current
“As this new poverty research highlights, the Covid-19 pandemic is a tipping point, and the choices leaders take now could take the world in very different directions,” said the UNDP’s Administrator Achim Steiner.
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Extreme Poverty for one Billion while billionaires gain massively from Covid-19: “We have an opportunity to invest in a decade of action that not only helps people recover from Covid-19, but that re-sets the development path of people and planet towards a fairer, resilient and green future.”
The report indicated that focused investments could prevent the rise of extreme poverty, however, lifting 146 million from its grip, and even exceed the development trajectory the world was on before the pandemic.”
Covid-19 is economic goldmine for the wealthiest: In the Western hemisphere, the strategy seems to be for national governments now lose power as private capital control takes over the government’s former role.
A new report by UBS and PwC reveals that the world’s super-rich “did extremely well” during the coronavirus crisis this year, increasing their already-huge fortunes by more than a quarter, according to a UBS and PwC study.
Their wealth grew by close to 30 % from April to July alone.
The inequality gap is rocketing, fueling the allegations that a modern version of feudalism is being implemented in the West, where the few own almost everything.
“Billionaires did extremely well during the Covid crisis. Not only did they ride the storm to the downside, but they also gained on the upside [as stock markets rebounded],” saidthe head of UBS’s Ultra High Net Worth department.”