Oxfam International has a new report out today that highlights the rapidly widening gap between the few ultra-rich and the world’s poorest. The report, titled “Profiting from Pain,” found that during the first two years of the pandemic, a new billionaire was minted every 30 hours, with a total of 573 of the world’s richest becoming billionaires during that time frame.
On the flip side, in 2022, Oxfam expects a million people to fall into extreme poverty every 33 hours—nearly the same rate a new billionaire is minted. The astonishing rate that people the world over are set to fall into extreme poverty—263 million people in 2022 alone—is due to the rapidly rising costs of living, including everything from the cost of energy to the cost of food. While the billionaires who control these assets will profit even more, hundreds of millions could be priced out of staying alive, Oxfam warns.