Asia S Richest Get Richer During Pandemic Report

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Asia’s billionaires have increased their wealth by 74 percent while 148 million others in the region have been pushed into poverty since the start of the Covid-19 pandemic, said international NGO Oxfam.
They also proposed several solutions which could help reduce this inequality, such as increased taxation on rich individuals and companies and greater investment in public services and social protection, among others.
“The effect of this pandemic has not been equal. Billionaires are continuing to make their fortune, but the poor people are the losers,” said Oxfam Asia regional advocacy and campaign lead Mustafa Talpur.
He said this during the launch and discussion of the report ‘Rising to the Challenge: The case for permanent progressive policies to tackle Asia’s coronavirus and inequality crisis’ over a Zoom meeting today.
In 2020, 147 million Asians lost their full-time jobs while Asia’s billionaires made US$1.46 trillion.
Mustafa said this amount was enough to provide a salary of almost US$10,000 to each person who lost their job that year.
The number of billionaires in Asia have also seen a significant jump since March 2020, he said, citing figures from Forbes.
There were 803 billionaires in Asia in March 2020 but that number had increased to 1,087 by November 2021.
“Some of the region’s richest people have even benefited directly from the crisis,” he said.
Among the new billionaires that have emerged since the start of Covid-19, twenty of them had accumulated their wealth through pharmaceuticals, equipment and services related to the fight against the virus.
All this has resulted in severe inequality, with the richest one percent in Asia owning more wealth than the poorest 90 percent combined in November 2021, Mustafa noted.
He also pointed out that women, girls, minority ethnic and religious groups are the ones who are disproportionately at risk from the pandemic.
In Asia, 60 percent of women report facing additional barriers to seeing a doctor due to the pandemic, even though women make up more than 70 percent of healthcare workers.
Unesco had also estimated that 10.45 million children in Asia would drop out of school for good in 2020 due to the pandemic.
In order to reduce this inequality, Oxfam proposed seven steps governments could take:
1. Increased taxation of rich individuals and corporations, including taxes on wealth and profits.
2. Greater investment in public services and vaccines for all, social protection and care.
3. Decent work, living wages, and robust labour rights including for small producers.
4. Committing to tackle inequalities through policies and redistributing wealth and power.
5. A feminist future in which social and economic policies ensure equal rights, freedoms and opportunities for women and girls.
6. A green recovery that protects the planet.
7. A more responsible private sector in which an inclusive business model upholds human rights and promotes equality. - Mkini

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