The megarich have already recovered from the pandemic. It may take the poor a decade to so do

Nine months. That’s how long it took the world’s top 1,000 billionaires to recoup their fortunes after the coronavirus pandemic hit.

More than a decade is how long it could take the world’s poorest to recover, according to the annual inequality report of Oxfam International.

The report lays out the virus’ disparate impact around the globe. The pandemic could increase economic inequality in almost every country at once, the first time this has happened, Oxfam found.

Oxfam executive director Gabriela Bucher said, “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. Rigged economies are funneling wealth to a rich elite who are riding out the pandemic in luxury, while those on the front line of the pandemic — shop assistants, health care workers, and market vendors — are struggling to pay the bills and put food on the table.”

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