The Covid pandemic has created a new billionaire every 30 hours and now one million people could fall into extreme poverty at the same pace, Oxfam said Monday as the Davos summit returns.The international charity said it was time to tax the rich to support the less fortunate as the global elite gathered at the Swiss mountain haven for the World Economic Forum after a two-year Covid-induced absence Oxfam said it expects 263 million people to sink into extreme poverty this year, at a rate of one million every 33 hours, as soaring inflation has added a cost-of-living crisis on top of Covid.
By comparison, 573 people became billionaires during the pandemic, or one every 30 hours.”Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes,” Oxfam executive director Gabriela Bucher said in a statement.
