Oxfam Report: Pandemic Makes The Rich Get Richer And The Poor Get Poorer

The pandemic has worsened income inequality, with the world's richest people regaining their losses in nine months while the number of people living in poverty has doubled to more than 500 million, according to a new report from the anti-poverty group Oxfam. 

The world's poorest could take a decade to regain their financial footing from the devastation wrought by the coronavirus pandemic, according to the study, which says the novel coronavirus has accelerated an ongoing trend toward widening income inequality. Oxfam's report will be released to coincide with the World Economic Forum's Davos Agenda, set to take place online this year rather than its traditional gathering of global movers and shakers in the Swiss ski resort town of Davos.

America's richest people have seen their wealth soar during the pandemic by more than $1 trillion, thanks to a booming stock market and a K-shaped recovery that has benefited the rich, while poorer people have struggled with lost wages and jobs and future opportunities. It's a rich vs. poor phenomenon that is replicating across the globe. Oxfam describes the pandemic's impact as "the greatest rise in inequality since records began."

Oxfam called on the Biden administration and other governments around the world to address the inequalities caused by the pandemic. In the U.S, it said, a "multi-trillion-dollar economic recovery plan" is needed to help the tens of millions of Americans suffering from the economic impact of the pandemic. President Joe Biden has proposed a $1.9 trillion relief package, although it hasn't yet been taken up by Congress.

"Now is not the time to tinker around the edges. We need big and bold action for a more dignified future where everyone can thrive, not just survive," Paul O...