Canada’s Billionaires Have Increased Their Wealth By Almost $63.5 Billion Since 2020

The richest people in Canada just keep getting richer, according to a new report from Oxfam.

Since March 2020, Canada’s 44 billionaires have increased their wealth by almost $63.5 billion, according to the organization’s data.

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$63.5 billion Wealth increase for Canada's billionaires

Per Oxfam's The Inequality Virus report, this would be enough money to give every one of the 3.8 million poorest people in Canada a cheque for $16,823.

It also says that while the world’s richest people have bounced back from the financial impacts of the COVID-19 pandemic, those living in poverty continue to struggle.

In fact, it could take at least 14 times longer for those living in poverty to return to pre-pandemic levels.

The world’s 10 richest men, which includes Amazon CEO Jeff Bezos, have increased their combined wealth by half a trillion dollars since the start of the pandemic.

Per Oxfam, that’s “more than enough” to vaccinate everybody on Earth and to ensure that “no one is pushed into poverty.”

One part-Canadian whose wealth has surged recently is Elon Musk, who reportedly added $100.3 billion to his net worth in 2020 alone.