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BUSINESS ENGLISH · BUSINESS ISSUES · UPPER-INTERMEDIATE (B2-C1)

PANDEMIC
MILLIONAIRES

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1 Warm up

In pairs, discuss the following questions.

1. What, if anything, changed for you financially during the Covid-19 pandemic? Did your situation
improve or get worse? Why?
2. What difficulties did people in your country face generally?
3. Did anyone find new ways of making money during the pandemic in your country?
4. How do you think the pandemic will have changed working life in your country when it is all over?

2 Focus on vocabulary

Part A: Match the vocabulary to the definitions.

1. wealth (n) a. an amount of money borrowed from someone that has to be

returned
2. rocket (v) b. in a manner that is noticeable and has an effect on something

3. transfer (v) c. in a negative way that causes problems or difficulty

4. significantly (adv.) d. in a way that is obvious and true

5. adversely (adv.) e. the act of making something smaller in size or amount

6. undoubtedly (adv.) f. to increase suddenly and with great speed

7. debt (n) g. to move something from one place to another

8. reduction (n) h. valuable property or a large amount of money owned by

someone

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Part B: Now complete the following sentences with a word from the same family as the word in
brackets.

1. The houses in this area are huge. A lot of very people live here. (wealth)
2. Louise found school quite difficult, but still tried hard in the face of . (adversely)
3. You’ve been so kind and I’m deeply to you and your family for all of your help
over the years. (debt)
4. If I’m going to my spending, I really need to stop eating out so much. (reduction)
5. I never for a minute that he was telling me the truth. He was always so trustworthy.
(undoubtedly)
6. I don’t think this diet is working. I’ve lost a really amount of weight since I started.
(significantly)
7. The is scheduled to launch from Florida’s Kennedy Space Centre at 9 am tomorrow
morning. (rocket)
8. Good morning, I would like to arrange a of $2000 to my husband’s account,
please. (transfer)

Now in pairs, answer the following questions.

1. What event in your life has adversely affected you?

2. What do you think is undoubtedly the best way to make money?
3. Do you think it’s important to create wealth, or do you think it’s more important to have wonderful
experiences?
4. What do you think is the best way to stay out of debt? And what is your advice for people who
are in it?
5. Would you be prepared to take a reduction in your salary if you had more time to spend doing
what you enjoy? Why/Why not?
6. If you had to transfer all of your money to someone right now, who would you choose and why?

3 Listening for details

Listen to the news report and write down the figures for the following statistics.

1. The increase in the number of millionaires during the pandemic

2. The number of millionaires in the world after the pandemic
3. The increase in the number of people globally with more than $30 million in assets
4. How much global wealth has increased
5. How much public debt has increased

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4 Listening comprehension
Now listen again and choose the correct answer to the following questions.

1. What was the main cause of the increase in wealth?

a. a large increase in house prices and an improved stock market

b. a large increase in online sales
c. the increase in demand for entertainment and medical supplies
d. the general public were spending more money

2. What helped to decrease household debt?

a. Lower household spending

b. Banks cancelling fees
c. Lower prices in supermarkets
d. Government support programmes

3. When was the last time global wealth increased this quickly?

a. 1997
b. 2003
c. 2008
d. 2012

4. What have banks done to improve the situation?

a. got rid of banking charges for customers

b. allowed employees to work from home
c. given money to charities
d. reduced interest rates

5. What have been the negative results of the actions taken?

a. a serious increase in unemployment

b. the increase of public debt
c. unaffordable housing
d. an increase in businesses shutting down

6. Which countries have seen an increase in individual wealth during the pandemic?

a. The United Kingdom, France and Canada

b. Saudi Arabia, Chile and the United Arab Emirates
c. Sweden, Australia and Switzerland
d. The United States, Mexico and New Zealand

7. Which countries have seen a decrease in individual wealth during the pandemic?

a. The United Kingdom, France and Canada

b. Saudi Arabia, Chile and the United Arab Emirates
c. Sweden, Australia and Switzerland
d. The United States, Mexico and New Zealand

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5 Scanning for details

Quickly read through the text and find what the following numbers mean.

7.9 trillion

1.

44%

2.

1.7 trillion

3.

7.9%

4.

52 million

5.

160 million

6.

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A tale of two worlds

The financial effect of the pandemic

1.
Text A: While the global pandemic has been a disaster for many people, there has been a rise in prosperity amongst
the world’s billionaires. A recent report from the UK showed that from April to July in 2020, their collective wealth
rose to £7.9 trillion, an increase of 27.5%. There’s also been an increase in people who are classed as billionaires,
which in 2017 was 2,158 globally, but now stands at 2,189.
2.
The group of billionaires who have gained the most are those in the industrial sector, with an increase of 44% in
their wealth over the 3 months studied. Those who made their billions in the tech industry saw an increase of
41% with the lockdowns around the world creating a massive increase in demand for their goods and services.
It is thought that the pandemic allowed technological advances that would have normally taken several years to
happen to take place in only a few months - such was the drive for information and socially-distanced interactions
throughout the world.
3.
The healthcare industry also saw a huge increase in profits, adding to the wealth of billionaires in this sector.
America is the home of the largest amount of wealth, with billionaires creating assets of just over $3.5 trillion in
the last 11 years, more than double that of China’s $1.7 trillion over the same period of time.
4.
As well as making unimaginable wealth, some of the world’s billionaires are giving it away as aid in the pandemic.
The report found 209 billionaires had publicly given $7.2 trillion worth of aid. The majority of these came from
America, with 98 people donating a total of $4.5 billion in pandemic relief. By comparison, 12 Chinese billionaires
donated $679 million, with Australia and the United Kingdom lagging behind with total donations of $324 million
and $298 million respectively.
5.
Text B: The disastrous impact of the pandemic on the world’s poor is projected to create more than 150 million
additional people who are classed as living in "extreme poverty". A report by the World Bank shows that, for the
first time in over two decades, the number of those living on less than $1.90 per day will increase.
6.
Prior to the onset of the pandemic, global extreme poverty levels were expected to drop to new lows of 7.9%.
However, as a result of the impact on the global economy generally, and particularly those in developing nations,
this is now likely to rise to between 9.1% and 9.4%.
7.
There was already concern that the speed at which poverty was being reduced globally was slowing. In the two
years from 2015 to 2017, the number of people who stopped being classified as "living in poverty" was 52 million.
However, the reduction was less than 0.5% per year, which stands in contrast to the period from 1990 to 2015
where there was an increase of around 1% year on year.
8.
In 2013, the World Bank set a goal of having a maximum of 3% of the world’s population living in extreme poverty
by 2030. Given this recent setback, this aim looks impossible to meet without substantial changes in policies. The
Washington-based World Bank is planning to offer up to $160 billion-worth of loans and grants to the world’s
100 poorest countries to help deal with the effects of the Covid-19 crisis.
9.
Jamie Dimon, Chief Executive of the International Bank, JP Morgan, said that the pandemic must be a "wake-up
call" in order that we build a fairer society. "It is my fervent hope that we use this crisis as a catalyst to rebuild
an economy that creates and sustains opportunity for dramatically more people", he stated, "especially those who
have been left behind for too long".
Source: bbc.co.uk

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6 Finding vocabulary

Scan through the article and find words which mean the same as the following.

1. the situation when you are making a lot of money (paragraph 1)

2. a development or an increase in knowledge and ability (paragraph 2)

3. in the same order as the things mentioned before (paragraph 4)

4. put into a particular group (paragraph 7)

5. a problem that delays progress being made (paragraph 8)

6. important or significant (paragraph 8)

7. something which causes a change to happen (paragraph 9)

8. to allow something to continue to exist or to happen (paragraph 9)

7 Reading comprehension

Read the following statements and decide if they are True, False or Not Given.

1. The billionaires of the world got richer over three months in 2020, adding just over a quarter to
their combined wealth.
2. Due to the increase in gaming during the pandemic, tech billionaires made great profits.
3. The pandemic created a situation where technological progress was much faster than normal.
4. The combined donations in pandemic aid of Australian and British billionaires were greater than
that of Chinese billionaires.
5. Extreme poverty is defined as people who live on less than $1.90 a day.
6. Between 2015 and 2017, the speed at which people were lifted out of poverty increased.
7. The World Bank will not be able to meet its targets for the reduction of global poverty by the end
of this decade.
8. The chief executive of JP Morgan believes the pandemic has created a more equal society.

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8 Talking point

In pairs, discuss the following questions.

1. Did any of the facts and figures in today’s lesson surprise you? Why/Why not?
2. What is your opinion about the increase in millionaires and billionaires around the world? What
significance do you think it will have for the future of the world? Do you think it is healthy that so
many people have such a great deal of money? Or not? Why?
3. What is your opinion about the number of people living in extreme poverty? Do you think we
could do more to reduce that number, or do you think it is natural for there to be a certain number
of very poor people in the world?
4. What is the least amount of money that you think you could possibly live on per day?
5. Do you think there will be a time when there are no people living in poverty at all? Why/Why not?
6. What do you think needs to happen for there to be no people at all living in poverty in the world?

9 Extended activity/homework

Read the following question.

There is something deeply wrong with a world where a few people can have more money
than they could ever spend, while others cannot afford to feed themselves or their children.
We must create a system where billionaires cannot exist and that money is used to lift the
world’s poorest people out of poverty and give them a future. To what extent do you agree
with this statement?

You should:
• Write a minimum of 250 words.
• Ensure you check your spelling, grammar and punctuation.

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Transcripts

3. Listening for details

Newsreader: Research by the global investment bank, Credit Suisse has revealed that 5.2 million
people became millionaires around the world during the Covid-19 pandemic taking
the total number worldwide to 56.1 million people.

Newsreader: This increase in wealth was largely down to rocketing house prices and the recovery
of the stock market.

Newsreader: The research found that government support programmes together with low interest
rates had been responsible for transferring a great deal of wealth from the public sector
to the household sector. This in turn reduced household debt significantly.

Newsreader: According to the report, during 2020, the number of people around the world with
assets greater than $30 million grew by 24% - a rate of increase not seen since 2003.
The total increase in global wealth was 7.4%.

Newsreader: A spokesperson for Credit Suisse said that governments providing financial support for
individuals and businesses adversely affected by the pandemic, and banks lowering
interest rates was undoubtedly the reason why we have not seen a global financial
crisis.

Newsreader: However, she did warn that there had also been negative consequences, pointing to a
serious increase in public debt around the world.

Newsreader: The report highlights that in some countries public debt has seen an increase of around
20% or more comparative to GDP.

Newsreader: While countries such as Switzerland, Australia, and Sweden have seen a significant
increase in wealth per adult during 2020, countries such as Saudi Arabia, Chile and
the United Arab Emirates have seen a reduction. This could result in problems for the
global economy in future.

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Key

1. Warm up

5 mins.
This allows students to talk about how the pandemic impacted their financial situation and that of people they
know. Assure students that they are not required to talk about anything financially that they are uncomfortable
with. You may want to bring the discussion back to the class and get an overview of who saw improvements and
who saw things getting harder.

2. Focus on vocabulary

Part A:
5 mins.
Ensure students can correctly pronounce all of the target vocabulary. Ask them to complete the exercise unaided
to begin with, but then allow them to use a reference if required.
Note: It is likely that students will already know the following terms, but you should elicit them just in case, as
they are used in the recording.
interest rates - the amount of money you pay back on a loan in addition to the original sum, usually expressed as
a percentage
GDP - Gross Domestic Product, the value of all the services and goods created by a country during a year
assets - money or valuable property that can be sold to pay off debt
1. h 2. f 3. g 4. b 5. c 6. d 7. a 8. e

Part B:
10 mins.
Students are likely to require a reference to complete this, though high-level students may be able to complete it
without. When they have completed the sentences, ask them to discuss the questions in pairs or small groups.
Circulate and help as needed.
1. wealthy 2. adversity 3. indebted 4. reduce
5. doubted 6. insignificant 7. rocket 8. transfer

3. Listening for details

5 mins.
This allows students to listen to the news report once before listening to it again to complete the comprehension
questions.
1. 5.2 million 2. 56.1 million 3. 24% 4. 7.4% 5. 20%

4. Listening comprehension

5 mins.
Ask the students to read through the multiple-choice questions and recall/predict the answers ahead of listening
to the recording for the second time.
Then they can listen to check their answers. Allow lower-level students to listen again if needed.

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1. a 2. d 3. b 4. d 5. b 6. c 7. b

5. Scanning for details

5 mins.
You may want to give students a strict time limit for this exercise to encourage skimming rather than reading in
detail. You may want lower-level students to work with higher-level students to complete this.
1. The increase in billionaire wealth in British pounds from April to July 2020
2. The percentage increase in wealth of billionaires in the industrial sector from April to July 2020
3. The amount of wealth in American dollars that China’s billionaires have created in the last 11 years
4. The number of people expected to be in extreme poverty before the pandemic
5. The number of people worldwide lifted out of poverty between 2015 and 2017
6. The amount in American dollars the World Bank plans to give in loans and grants to the 100 poorest countries
in the world

6. Finding vocabulary

5 mins.
This gives students extra support with the vocabulary ahead of completing the reading comprehension.
1. prosperity 2. advances 3. respectively 4. classified
5. setback 6. substantial 7. catalyst 8. sustain

7. Reading comprehension

10 mins.
Ask students to underline the section where they find their answer. If they can underline it, it is True or False. If
they are not able to underline it, it will be Not Given.
1. True. "A recent report showed that from April to July in 2020, their collective wealth rose to 7.9 trillion, an
increase of 27.5%".
2. Not Given. Tech billionaires did gain in profits during the pandemic, but it’s not stated that it’s specifically due
to an increase in gaming.
3. True. "It is thought that the pandemic allowed technological advances, that would have normally taken several
years to happen, to take place in only a few months."
4. False. "By comparison, 12 Chinese billionaires donated $679 million, with Australia and the United Kingdom
lagging behind with total donations of $324 million and $298 million respectively." (British and Australian
donations collectively totalled $622 billion)
5. True. "... the pandemic ... is projected to create more than 150 million additional people who are classed as
living in ’extreme poverty’. A report by the World Bank shows that ..., the number of those living on less than
$1.90 per day, will increase."
6. False. "In the two years from 2015 to 2017, ... the reduction was less than 0.5% per year, which stands in
contrast to the period from 1990 to 2015 where there was an increase of around 1% year on year."
7. Not Given. It looks very unlikely, but it is conditional upon what takes place between now and then.
8. False. "Jamie Dimon, Chief Executive of the International Bank, JP Morgan, said that the pandemic must be a
’wake-up call’ in order that we build a fairer society."

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8. Talking point

10 mins.
Ask students to discuss the questions in pairs or small groups. Avoid giving your own opinion to encourage the
students to express their own ideas. Circulate and help as needed.

9. Extended activity/homework

40 mins +.
Ask the students to plan, write and edit the essay. Ensure you give students feedback on their work.

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