CHINA DAILY: Nightmare and bonanza

Press/Media: Expert comment

Period20 Jun 2022

Media contributions


Media contributions

  • TitleNightmare and bonanza
    Media name/outletChina Daily
    Media typeWeb
    DescriptionThe pandemic has been disastrous for the poor, but it has been highly lucrative for the mega-wealthy

    The world's rich are getting richer, and the poor are getting poorer. Almost all the evidence since the pandemic's onset points in this direction.

    At one extreme, Oxfam estimates that Elon Musk's wealth has increased by 699 percent since 2019. Also, 573 new billionaires have emerged-globally we have 2,668 billionaires now. At the other extreme, the World Bank estimates 75 to 95 million more people have fallen below the $1.9-a-day poverty line. This is a desperately low line. These families are going hungry and cannot pay for drinking water, health expenses or schooling.

    Between these extremes, many of the world's middle class-be they from Atlanta to Kolkata to Manchester to Mombasa-are feeling squeezed by a cost-of-living crisis. Food and fuel bills are rising much faster than wages. Governments are responding: the UK promises "leveling up "and China is pursuing "common prosperity".
    PersonsDavid Hulme

Research Beacons, Institutes and Platforms

  • Global inequalities
  • Global Development Institute