Mega-rich recoup COVID-19 losses while poor face years of struggle: Oxfam report

Billionaires around the world have already recovered from the economic impact of the pandemic, while the world’s poor are looking at years of struggle.

That’s according to a new report from Oxfam International, which says the COVID-19 pandemic could increase economic inequality in nearly every country at once, something that’s never happened before.

In Canada, the fortunes of the country’s 44 billionaires have increased by almost $63.5 billion since March 2020.

Oxfam estimates this would be enough to give every one of the 3.8 million poorest people in Canada a cheque for nearly $17,000.

“We stand to witness the greatest rise in inequality since records began. The deep divide between the rich and poor is proving as deadly as the virus,” said Diana Sarosi, director of policy and campaigns for Oxfam Canada.

“Women and marginalized racial and ethnic groups are bearing the brunt of this crisis. They are more likely to be pushed into poverty, go hungry or be excluded from healthcare. And yet, they are more likely to work frontline jobs that increase their exposure to the virus.”