Rich-lister rakes in $3.5b in Covid era
New Zealand’s richest man, Graeme Hart, has made almost
$3.5 billion since the start of the
Covid-19 pandemic. According to new analysis by Oxfam, Hart’s wealth has grown by $3,494,333,333 since March 2020 – the equivalent of a
$6849 cash payment to more than half a million New Zealanders.
Oxfam spokeswoman Dr Joanna Spratt said it was a symptom of a broken economic model that a ‘‘fortunate few’’ were able to dramatically increase their wealth while others faced immense need.
‘‘The hardships caused by coronavirus and climate destruction hit people with the least the hardest.
‘‘While the super-rich amass vast fortunes even during times of global crisis, essential services like healthcare, education and social welfare go underfunded.’’
However, resources were available to give everyone the opportunity to survive and thrive, Spratt said.
‘‘The question is how we fairly distribute our resources.
‘‘People built this system, so we have the power to fix it.’’
Spratt said overseas aid and public services at home in New Zealand were often set off against each other to illustrate a false point that it must be one or the other.
‘‘If we choose not to accept such extreme inequality, then we can reprogramme our economic system to create a world where everyone – here at home and overseas – can live a life of dignity.
‘‘Oxfam and a coalition of our country’s leading aid agencies have been calling for the Government to increase its overseas aid and climate finance to meet this time of unprecedented global need – yet the total sum being requested to help the world’s most vulnerable people is just one third of what Hart earned on top of his existing billions in only 10 months during the pandemic. This isn’t right.’’
Spratt said creating a fairer system was a matter of political leaders having the courage to rein in excessive wealth and build a ‘‘human economy’’ that benefited everyone.
‘‘We must shift our priorities towards building an economy that puts people first – a human economy where wealth is no longer so concentrated in the hands of a fortunate few, and everyone has access to basic services like healthcare and education, in New Zealand and around the world,’’ Spratt said.