A picture shows an event banner on the congress centre ahead of the World Economic Forum (WEF) annual meeting in Davos on May 22, 2022. (Credits: Fabrice COFFRINI / AFP)
Davos, Switzerland: The Covid pandemic has created a new billionaire every 30 hours and now one million people could fall into extreme poverty at the same pace, Oxfam said Monday as the Davos summit returns.
The international charity said it was time to tax the rich to support the less fortunate as the global elite gathered at the Swiss mountain haven for the World Economic Forum after a two-year Covid-induced absence.
Oxfam said it expects 263 million people to sink into extreme poverty this year, at a rate of one million every 33 hours, as soaring inflation has added a cost-of-living crisis on top of Covid.