Rich get richer in pandemic: Collective wealth of billionaires like Elon Musk, Jeff Bezos reaches $11.95 trillion

The world's poor face years of hardship during the COVID-19 pandemic.

Agencies
The 10 richest men - a list led by Bezos (R), Musk (L), LVMH CEO Bernard Arnault, Microsoft's Bill Gates and Facebook CEO Mark Zuckerberg - saw their net worth increase by $540 billion last year.
LONDON: Billionaires including Amazon's Jeff Bezos and Tesla founder Elon Musk have seen their wealth soar during the COVID-19 pandemic while the world's poor face years of hardship, charity Oxfam said on Monday as it demanded steps to tackle inequality.

Nations have a "shrinking window of opportunity" to build a fair, green recovery, according to "The Inequality Virus" report, published as global leaders tune in for the World Economic Forum's virtual "Davos Dialogue" meeting.

"We stand to witness the greatest rise in inequality since records began," Gabriela Bucher, executive director of Oxfam International, said in a statement as the charity called for higher wealth taxes and stronger protections for workers.


"Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic - shop assistants, healthcare workers, and market vendors - are struggling to pay the bills."

COVID-19 has unleashed an economic storm that hit the poor and vulnerable hardest, with women and marginalised workers facing the worst of job losses and the World Bank warning more than 100 million people could be pushed into extreme poverty.

It could take more than a decade to reduce the number of people living in poverty back to pre-crisis levels, Oxfam said.
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Satya Nadella, Sundar Pichai, Indra Nooyi & Aditya Puri: Top 10 Richest Indian Professional Managers
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Professional Managers in the list consist of individuals who joined business after it has been founded, helped it grow and these managers were given stock options from which they have created their wealth. “These Indian executives have been the cornerstones in wealth creation of some of the most valuable and respectable companies in the world. Their stories are truly inspirational for young Indian professionals, India being home to the youngest professional work force in the world”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Professional Managers in the list consist of individuals who joined business after it has been founded, helped it grow and these managers were given stock options from which they have created their w..
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With a wealth of Rs 11,300 crore, Thomas Kurian is the number one richest professional manager in the IIFL Wealth Hurun India Rich List 2020. An MBA graduate, Kurian began his career at McKinsey & Company in New York. Later, he joined Oracle, where his career spanned for more than two decades. Most of his wealth is attributed to his stake sale in Oracle. He now leads the Cloud division of Google.
With a wealth of Rs 11,300 crore, Thomas Kurian is the number one richest professional manager in the IIFL Wealth Hurun India Rich List 2020. An MBA graduate, Kurian began his career at McKinsey & Co..
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With a wealth of Rs 9,100 crore, President and CEO of Arista Networks, Jayshree Ullal is the second richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. In June 2014, Arista Networks filed for IPO under the leadership of Ullal.
With a wealth of Rs 9,100 crore, President and CEO of Arista Networks, Jayshree Ullal is the second richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. In June 2014, Ar..
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A 2016 Padma Shri awardee, Ajaypal Singh Banga holds the third position in the ranking of richest non-promoter Indians in the list. He is the President and CEO of Mastercard and registered a wealth of Rs 7,200 crore – mainly on the back of his holdings and stake sale in Master Card.
A 2016 Padma Shri awardee, Ajaypal Singh Banga holds the third position in the ranking of richest non-promoter Indians in the list. He is the President and CEO of Mastercard and registered a wealth o..
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The fourth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020 is Nikesh Arora who registered a wealth of Rs 6,500 crore. Arora is currently the CEO and Chairman of Palo Alto Networks. Prior to joining Palo Alto Networks, he served in the leadership positions of SoftBank and Google. Most of his wealth is derived from stake sale in SoftBank.
The fourth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020 is Nikesh Arora who registered a wealth of Rs 6,500 crore. Arora is currently the CEO and Chairman of Palo..
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With a wealth of Rs 5,900 crore, Microsoft’s CEO, Satya Nadella is the fifth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. Born and raised in Hyderabad, Nadella left for the US to pursue master’s in computer science. Since 1992, Nadella has been working with Microsoft and most of his wealth is derived from Microsoft stake sale.
With a wealth of Rs 5,900 crore, Microsoft’s CEO, Satya Nadella is the fifth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. Born and raised in Hyderabad, Nadella l..
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With a wealth of Rs 5,900 crore, Sundar Pichai shares the fifth position with Satya Nadella in the ranking of richest professional manager Indians in the list. He joined Google in 2004 and was promoted to CEO in under a decade. Pichai is one of the highest paid CEOs in the world. Google Chrome’s development and Android’s acquisition by Google are two of the major milestones of his career.
With a wealth of Rs 5,900 crore, Sundar Pichai shares the fifth position with Satya Nadella in the ranking of richest professional manager Indians in the list. He joined Google in 2004 and was promot..
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With a wealth of Rs 4,500 crore, Shantanu Narayen, Chairman of Adobe is the seventh richest professional manager in IIFL Wealth Hurun India Rich List 2020. An Indian-origin techie, Shantanu’s began his career with Apple. Apart from his current role at Adobe, he also serves in leadership roles of the US-India Strategic Partnership Forum and Pfizer. In 2019, he was felicitated with Padma Shri, India’s fourth highest civilian award.
With a wealth of Rs 4,500 crore, Shantanu Narayen, Chairman of Adobe is the seventh richest professional manager in IIFL Wealth Hurun India Rich List 2020. An Indian-origin techie, Shantanu’s began h..
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With a wealth of Rs 3,500 crore, Former CEO and Chairperson of PepsiCo, Indra K Nooyi holds the eighth position amongst the richest professional manager Indians in IIFL Wealth Hurun India Rich List 2020. She became the first independent female director of ICC after joining the institution in 2018. Nooyi, whose career at PepsiCo spanned for 25 years, derived most of her wealth through stake sale in Pepsi.
With a wealth of Rs 3,500 crore, Former CEO and Chairperson of PepsiCo, Indra K Nooyi holds the eighth position amongst the richest professional manager Indians in IIFL Wealth Hurun India Rich List 2..
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With a wealth of Rs 3,200 crore, Ignatius Navil Noronha is the ninth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. He currently serves as the CEO of Avenue Supermarts, which is a parent organization of Indian hypermarket chain, DMart. He is the richest professional manager Indian serving on the board of an Indian company.
With a wealth of Rs 3,200 crore, Ignatius Navil Noronha is the ninth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. He currently serves as the CEO of Avenue Superm..
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Meanwhile, the collective wealth of the world's billionaires rose $3.9 trillion between March and December 2020 to reach $11.95 trillion, the report calculated.

The 10 richest men - a list led by Bezos and Musk which also includes LVMH luxury group's CEO Bernard Arnault, Microsoft's Bill Gates and Facebook CEO Mark Zuckerberg - saw their net worth increase by $540 billion in the same period, Oxfam said.

That sum would be enough to prevent anyone from falling into poverty as a result of the pandemic and pay for a vaccine for everyone on earth, researchers calculated.

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The pandemic marks a "pivotal" point which has exposed economic disparities and built support for "transformative" policies, Oxfam said, calling for higher taxes on wealth and corporations alongside stronger protections for workers.

A temporary tax on excess profits made by the 32 global corporations that have profited the most during the pandemic could have raised $104 billion in 2020, Oxfam said.

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International cooperation would be key to implementing many changes, said Jayati Ghosh, an economics professor at the University of Massachusetts Amherst who was among the economists polled by Oxfam for the report.

The administration of new U.S. President Joe Biden will spur "more willingness" for joint action on issues including a crackdown on tax havens and a bailout for developing nations, she told the Thomson Reuters Foundation by phone.

"There are some very, very big hurdles, but there are many things that can be done very quickly," she added.


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