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World’s 10 richest men see their wealth double during Covid pandemic

The 10 richest men in the world have seen their global wealth double to $1.5tn (£1.01tn) since the start of the global pandemic following a surge in share and property prices that has widened the gap between rich and poor, according to a report from Oxfam.

Urging governments to impose a one-off 99% wealth tax on Covid-19 windfall gains, the charity said World Bank figures showed 163 million more people had been driven below the poverty line while the super-rich were benefiting from the stimulus provided by governments around the world to mitigate the impact of the virus.

How the net worth of the world’s top 10 billionaires more than doubled during the pandemic

Oxfam projects that by 2030, 3.3 billion people will be living on less than $5.50 per day.

The charity said the incomes of 99% of the world’s population had reduced from March 2020 to October 2021, when Elon Musk, the founder of the electric car company Tesla, and the other nine richest billionaires had been collectively growing wealthier by $1.3bn a day.

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