As the Davos conference resumes, Oxfam warned that the Covid pandemic has created a new billionaire every 30 hours and that one million people could slip into extreme poverty at the same time. As the global elite gathered in the Swiss mountain refuge for the World Economic Forum after a two-year Covid-induced hiatus, the international charity argued it was time to tax the wealthy to help the less fortunate.
Oxfam estimates that 263 million people will fall into extreme poverty this year, at a rate of one million every 33 hours, as rising prices add to the Covid issue. In comparison, during the pandemic, 573 people became millionaires, or one every 30 hours.
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