The world’s richest people got richer in nine months of the lockdown while the number of people living in poverty has doubled to more than 500 million.
About 255 million people lost their full-time jobs lost across the globe. It could take the world’s poorest about a decade to regain their finances.
In all these, there are higher unemployment for women and people of color; exposing inequalities faced by women and people of color, who have suffered higher rates of unemployment during the pandemic. They are also more likely to work in industries with higher exposure to COVID-19 risks, such as service-based jobs in health care and restaurants. Women comprise 7 out of 10 workers in the global health and social care workforce, Oxfam noted.
The drop in work translates to a loss of $3.7 trillion in income globally.
Elon Musk towered over Bill Gates and Jeff Bezos to become the richest man in the world. Tech continues to dominate the market, with more than half of the richest people in the world in the tech industry.