A common enough thing to hear during the time of the pandemic is the phrase, 'We are all in the same boat'. A blatantly hopeful view of society, the saying nevertheless signifies that the pandemic affects us all (equally) and thus, we are all in this together. Naturally, it doesn't take much thought-process to discern that this assertion of shared fate is anything but true. It is not true for people and it is not true for nations. Even in a time of crisis or precisely in a time of crisis, wealth and access matter in determining the chance of overcoming the disaster.
If Forbes and numerous other publications are to believed, the richest of the rich are not only surviving the pandemic but actually profiting from it as well. At a time when record millions have been left unemployed, homeless and vulnerable, the billionaires in Forbes 400 list have actually gained 8 per cent more on average as compared to last year. Elon Musk, who may or may not have contracted COVID-19, is definitely over USD 100 billion richer than he was last year. This is not surprising. While society may have advanced in meaningful ways along several avenues, inequality is still a severe problem. Indeed, wealth inequality has been widening for some time now with the resource divide between the global top one per cent and the rest growing to truly incomprehensible levels. Naturally, it is not lost on world leaders, thinkers and the rich themselves that there is something deeply wrong with the world's economic systems that allow the wealth of small minority to explode while hundreds of millions waste away. There have been increased calls for taxation on the poor ranging from estate tax to wealth tax that may be a drop in the bucket for the wealthiest to bear but would go a long way in helping those who have been hit the hardest by ongoing crises. For their part, the 'winners' of capitalism since the time of Andrew Carnegie have been concerned with the question of their moral obligation to society in light of all their wealth and power. In 2010, Bill Gates and Warren Buffet came together to conceptualise 'The Giving Pledge'. The organisation and its signatories have the stated goal of inspiring the richest of the rich to give away atleast half of their total wealth to important charitable causes. It was reported that the organisation has over 200 signatories with pledges that cumulatively cross USD 800 billion. Of course, much like any other charity organisation or trust favoured by the rich, the organisation has been criticised for being a cover for more tax deduction for the rich. Many have also pointed out most of the signatories have made little to no progress on actually fulfilling their pledge and have instead become even richer.
The simple fact of the matter is that the wealthy are ideally placed to meet crises. Not only does their wealth allow them to survive such crises in relative safety, but their investing and purchasing power also gives them the means to profit from major financial upheavals. Additionally, as many have noted, government bailouts and tax-cuts even during the pandemic world over have been disproportionality skewed towards larger companies. By and large, the wealthiest class, despite the representations of its more conscientious members is not collectively interested in giving back. A 2012 study targeting tax havens reported that the super-rich may hold as much as USD 32 trillion in offshore havens to dodge taxation on top of the various tax breaks they may already be receiving in their own country. This is an ongoing reality that will likely remain characteristic of our financial systems for a long time to come.
In the current context, this same access and resource gap is particularly notable at the level of nations in the context of vaccine access. The WHO and many other experts have repeatedly warned of a wave of vaccine nationalism that is seeing the richest countries make advance orders for stockpiles that far exceed their vaccination requirements. At the same time, many of the poorest nations must wait patiently in line for the COVAX initiative or for pharmaceutical industries themselves to ink special deals. As such, with the way vaccine makers are closely guarding means of production, it seems likely that many of these nations will have to continue waiting as wealthier nations struggle and limp to normality.