Home > Uncategorized > The number of billionaires in Asia Pacific has increased by almost a third on pre-pandemic levels

The number of billionaires in Asia Pacific has increased by almost a third on pre-pandemic levels

Coronavirus has widened the cracks in this unequal system, fuelling a
pernicious cycle of poverty and economic inequality in Asia. The World Bank
estimates that coronavirus and rising economic inequality pushed 140
million additional people into poverty in Asia in 2020, and 8 million more in
2021.6 New variants alongside higher inequality levels than expected7 mean
these figures are likely to be underestimates.

Yet, while lockdowns and economic stagnation destroy the livelihoods of
many poor and ‘just managing’ families, the region’s richest elites have
recovered and even increased their fortunes. Between March and December
2020, Asia’s billionaires accrued enough additional wealth to cover a salary
of almost $10,000 for each of the 147 million equivalent jobs lost in the
region during that time.8 By November 2021, the number of billionaires in
Asia Pacific had increased by almost a third on pre-pandemic levels,9 with
their collective wealth growing by 74%.
Oxfam report

  1. Meta Capitalism
    January 17, 2022 at 7:11 am

    I wish RWER would talk about things that really mattered. Like the book you just published that hits on some important points. I frankly don’t see how talking about the latest billionaires really matters. When American becomes a fascist autocracy and WWIII comes there will be even more billionaires. Won’t that be great?

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