The Lockdown Made Millionaires Richer, Suggests Economic Report

Millionaires and billionaires reportedly became richer and gained immense profits during the Coronavioris lockdown while various people in the working class lost their jobs. Have a look at the complete report.

Sania Kader

January 27, 2021

Trending News

3 min

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The Coronavirus pandemic and the subsequent lockdown has hit the world economy on a concerning level and various nations have still been trying to figure out a way to regain the lost profits. However, according to a recent survey conducted by Oxfam, around 100 millionaires, around the globe, have witnessed 35% growth during the lockdown. The economically challenged sector has become poorer during this time frame while the density of the population under this category has also increased due to unemployment and low wages. As per the report, around 12 crore people lost their jobs during the lockdown, increasing the economic disparity in various countries around the world. Various multi-millionaire companies have also profited from this period as per the latest statistics released by researchers.

Here is a look at the ZEE5 video with details related to the economic crash and the increasing income of millionaires:

The economic condition of various countries has lately been under the radar ever since the COVID-19 pandemic hit the world in early 2020. According to the video attached above, a report was released by Oxfam which suggests that around 100 millionaires became 35% richer during the pandemic, even though most of the world was suffering due to the lack of funds. The report says that 12 crore people lost their jobs during the lockdown and many people amongst the lot have also been pushed below the poverty line due to unemployment.

As per the report called ‘The Inequality Virus’, multiple countries including India have witnessed a jarring increase in the economic disparity. Around 1000 billionaires have become richer during the lockdown period which lasted for close to nine months of 2020. Renowned names like Mark Zuckerberg, Jeff Bezos, Bill Gates, and Warren Buffett, amongst others, have immensely gained even though the economy of various countries declined in this period. According to another report the profit amount made by these millionaires and billionaires can put close to ₹94,000 in the pockets of every poor person. This report also revealed that 1.7 lakh people lost their jobs every hour, pushing them into unfavourable economic conditions.

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Other than unemployment, social issues like poverty, starvation, road accidents, and police brutality, amongst others have claimed around 300 lives in the unorganized sector.

Also read Biden names Brian Deese as Director of National Economic Council

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