Global Billionaires: $4 Trillion Richer During Pandemic
The rich are getting richer and everyone else is getting poorer. Almost 130 million people worldwide have been infected with Covid-19, and more than 2.2 million have died. Meanwhile, the rich have only become incredibly richer during the global Covid-19 pandemic, an incredible $4 trillion richer.
A report published by the Institute for Policy Studies (IPS) on behalf of the Patriotic Millionaires and Millionaires for Humanity released Thursday Morning shows the world’s 2,365 billionaires have enjoyed a $4 Trillion jump in their wealth. This staggering windfall of a 54% increase in their wealth is prompting demands for both tax hikes in the United States and worldwide to curb massive income disparities and inequality in income between the rich and the poor.
The call to raise taxes on the richest in the world and here in the United States is needed to fund critical priorities, including massive infrastructure projects and the lagging international vaccination effort.
The Institute for Policy Studies (IPS) study, the global Covid-19 crisis, and the economic collapse much of the world has experienced have only brought more incredible wealth to the billionaire class. Morris Pearl of the Patriotic Millionaires organization was quoted as saying…
“Taxing wealth has to be a key, central policy for all governments if we want to build beyond the skewed and faulty economic system we previously had.”
The IPS study reveals…
“The combined wealth of the 2,365 billionaires rose from $8.04 trillion to $12.39 trillion between March 18, 2020, and March 18, 2021,” the report notes. “At the global level, the wealthiest 20 billionaires have a combined $1.83 trillion in wealth—with an increase of $742 billion, or 68%, over the pandemic year. In comparison, the 2019 GDP of Spain was $1.3 trillion.”
Chuck Collins, a researcher with IPS, said in a statement…
“The enormous wealth billionaires accumulated during the pandemic “should be taxed to cover the cost of vaccinating the world and reducing inequality throughout the global economy.”
“Unless we tax the world’s billionaires, the legacy of the pandemic will be accelerated concentrations of wealth and power.”
The IPS reports that U.S. Sen. Elizabeth Warren’s (D-Mass.) proposed Ultra-Millionaire Tax—which calls for a 2% tax on assets over $50 million and a 3% tax on assets over $1 billion and points out if global billionaires had been required to pay an annual wealth levy modeled on…
“They would have paid an estimated $345 billion in wealth taxes.”
“The annual revenue from this wealth tax would be more than twice the estimated $141.2 billion cost of delivering Covid-19 vaccines to every person on the planet,” the group notes, citing cost estimates from Oxfam International.
The G20 nation’s finance ministers are scheduled to meet next week to discuss the coronavirus-induced economic crisis and possible recovery paths. The Chair of the Patriotic Millionaires Morris Pearl argues that a global wealth tax must be on the agenda.
“Taxing wealth has to be a key, central policy for all governments if we want to build beyond the skewed and faulty economic system we previously had,” said Pearl. “The G20 finance ministers, and international financial institutions, need to foster a recovery beyond regressing to the same-old, same-old. We need to tax the rich.”
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