A new billionaire reached the financial status an average of once every 30 hours during the ongoing pandemic, according to a new analysis.
The release of the analysis coincided with the World Economic Forum’s annual meeting in Davos, Switzerland. Corporate executives, government officials and some of the wealthiest people in the world are attending the event in person this year after a two-year hiatus because of the pandemic.
“Billionaires are arriving in Davos to celebrate an incredible surge in their fortunes. The pandemic and now the steep increases in food and energy prices have, simply put, been a bonanza for them. Meanwhile, decades of progress on extreme poverty are now in reverse and millions of people are facing impossible rises in the cost of simply staying alive,” Gabriela Bucher, executive director of Oxfam International, said in the Monday statement. Inflation in the U.S.
While 2020 and 2021 represented a time of immense growth for the world's richest people, this year might not have been quite as fruitful. The top 50 richest individuals have lost more than a half trillion dollars this year through Sunday, according to the Bloomberg Billionaires Index, The losses come as the stock market has approached its first bear market since the start of the pandemic.
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