Social Issues

Oxfam: Pandemic sees rich get richer, poor get poorer in Latin America

Bogota, Jan 17 (EFE).- The wealth of Latin America’s billionaires has increased by 52% since the onset of the pandemic, while the poor were more at risk of dying from Covid-19, Oxfam revealed on Monday.

Between March 2020 and November 2021, the wealth of Latin America and the Caribbean’s richest increased by $97 billion, according to the Inequality Kills report presented by the humanitarian organization.

A large part of the funds injected by central banks into the financial markets to keep economies afloat benefited the billionaires who took advantage of booming stock markets, the document said.

The rest of the population, meanwhile, has seen their income drastically decrease, a trend driven by growing unemployment.

Oxfam acknowledged financial aid efforts made by the region’s governments but said they had fallen short of offering enough protection.

The NGO suggested a “solidarity tax” on the richest people and institutions to help pull the region out of the crisis.

This tax could generate enough money make vaccines universal, strengthen healthcare systems and fund crucial action against climate change in the world’s most affected region, the report said.EFE


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