Extremely Poor: One Million Every 33 Hours

Extremely Poor: One Million Every 33 Hours

While the Corona epidemic is creating a new billionaire every 30 hours; one million people become extremely poor every 33 hours, and they are bound to live in extreme poverty. As a result, about 30,303 people are falling into extreme poverty every hour. This information has come up in the latest report of the international charity Oxfam.

Oxfam released a report entitled "Profiting from Pain" ahead of the annual conference of the World Economic Forum in Davos, Switzerland on Monday. This information came up in the report.

According to Oxfam, 573 people became new billionaires during the Corona epidemic. That is, one person becomes a billionaire every 30 hours.

On the other hand, this epidemic has pushed many people below the poverty line. Oxfam estimates that 263 million people worldwide will fall below the extreme poverty line this year. In other words, every 33 hours, 1 million people will fall into extreme poverty.

Oxfam executive director Gabriela Butcher said in a statement that the billionaires are coming to Davos to celebrate the incredible improvement in their fortunes. Simply put, the Corona epidemic and the recent rise in food and fuel prices have been a blessing in disguise.

On the other hand, the progress that has been made in eradicating extreme poverty over the decades is now reversing. Huge numbers of people around the world are facing unbearable inflation. They have to fight for survival. The agency says a solidarity tax should be imposed on those who have become billionaires due to the epidemic. The tax can also be used to fund relief and sustainable recovery for people affected by rising commodity prices.

Oxfam points out that now is the time to end the crisis, and added that a two per cent annual tax on the assets of billionaires and a five per cent annual tax on the assets of billionaires would raise 2.52 trillion US dollars a year.

According to Oxfam, this will help alleviate the poverty of 230 million people worldwide, create adequate vaccines and provide universal health care to people in poor countries. The calculations were made by Oxfam after analyzing Forbes Magazine's list of billionaires as well as World Bank data.

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