Richest see wealth grow by €3bn in pandemic

IRELAND’S nine billionaires have seen their fortunes increase by €3.28bn since March, according to a study carried out by Oxfam.

Oxfam’s The Inequality Virus report details how Covid-19 has the potential to increase economic inequality in almost every country at once, the first time this has happened since records began over a century ago.

The global survey consists of 295 economists from 79 countries, including Ireland, found that 87pc of them expect an ‘increase’ or a ‘major increase’ in income inequality in their country as a result of the pandemic.

This view was shared by 85pc of Irish economists who participated, with most estimating it would be the worst increase in inequality in Ireland since the financial crash of 2008.

Rising inequality means it could take at least 14 times longer for people living in poverty to return to prepandemic levels of income than it took for the fortunes of the top 1,000 billionaires, to recoup their losses.

Jim Clarken, chief executive of Oxfam Ireland, said the pandemic has caused the greatest rise in inequality the world has seen.

“Around the world the impact of Covid-19 is magnifying and exacerbating existing inequalities – as well as racial and gender divides.

“One of the most extreme and unjust indicators of inequality we are seeing around the world right now is between those who have access to life-saving vaccines and those who don’t,” he said.

Mr Clarken said we are facing the worst job crisis in over 90 years as millions of people worldwide are unemployed.

“In Ireland, the fallout of the pandemic on employment has disproportionately hit young adults as well as people in low-paid occupations, all of whom are more likely to be paying rent.

“Without significant government intervention, we are looking at a return to long-term unemployment, increasing risks of homelessness and economic insecurity for younger generations in Ireland.”