Pandemic millionaires reading and questionnaire.

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._____________________________________________________________________________

A Tale of Two Worlds: The Pandemic's Financial Impact

Text A

The global pandemic has been tough for many people, but there's an interesting twist.
Some rich folks got even richer. A UK report found that from April to July in 2020, the
wealth of the world's richest rose to £7.9 trillion, up by 27.5%. The number of
billionaires also went up, from 2,158 in 2017 to 2,189.

The billionaires who gained the most are in the industrial sector, with a 44% increase in
their wealth over 3 months. Those who made billions in tech saw a 41% rise. Lockdowns
boosted demand for their goods and sped up tech advancements that would've taken
years.

The healthcare industry also saw big profits, adding to billionaire wealth. America has
the most wealth, with billionaires amassing $3.5 trillion in 11 years, double China's $1.7
trillion.
Some billionaires are giving back during the pandemic. The report found 209 billionaires
publicly donated $7.2 trillion in aid. Most were from America, with 98 donating $4.5
billion. In contrast, 12 Chinese billionaires donated $679 million, with Australia and the
UK lagging behind at $324 million and $298 million.

Text B

The pandemic's disastrous impact on the world's poor may put over 150 million more
people in "extreme poverty." To illustrate, a World Bank report shows that for the first
time in 20 years, those living on less than $1.90 per day will increase.

Before the pandemic, we hoped extreme poverty would drop to 7.9%. Now, due to the
pandemic's impact on the global economy and developing nations, it might rise to 9.1%
to 9.4%.

There was already concern about slowing global poverty reduction. From 2015 to 2017,
only 52 million people stopped being "poor," less than 0.5% per year. This contrasts with
1990 to 2015, where poverty fell around 1% yearly.

In 2013, the World Bank aimed for a maximum of 3% of the world's population in
extreme poverty by 2030. This goal now seems impossible without policy changes. The
World Bank in Washington plans to offer up to $160 billion in loans and grants to help
the 100 poorest countries cope with Covid-19's effects.

Jamie Dimon, Chief Executive of JP Morgan, says the pandemic should be a "wake-up
call" for a fairer society. He hopes we use this crisis to rebuild an economy that offers
more opportunities, especially for those left behind for too long.

Finding vocabulary

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

1. Wealth: Having a lot of valuable resources or money.

2. Advancements: Improvements and progress in various fields or technologies.
3. Profit: Earnings after expenses, financial gain.
4. Double: Increase by 100%, make twice as much.
5. Donated: Gave money or goods to help others.
6. Disastrous: Extremely harmful or destructive.
7. Extreme Poverty: Severe, critical poverty with minimal income.
8. Reduction: Making something smaller or fewer, decreasing.
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 donations in pandemic aid of Australian and British billionaires together were greater
than that of Chinese billionaires.

5. People who live on less than $1.90 a day are in extreme poverty.

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.