Super-rich increase their share of world's income

TPL | Published: 10:44 PM Dec 7 2021
World Super-rich increase their share of world's income

The share of wealth owned by the world's richest people soared during the Covid pandemic, a major study on inequality has found.

The World Inequality Report said that 2020 saw the steepest increase in billionaires' wealth on record.

Meanwhile, 100 million people sank into extreme poverty, the report from the Paris-based World Inequality Lab said.

The richest 10% of the population now takes 52% of global income and the poorest half just 8%, it said.

The 228-page report, whose authors are part of a group founded by renowned economist Thomas Piketty, also said that since 1995, billionaires' wealth had risen from 1% to 3%.

"This increase was exacerbated during the Covid pandemic. In fact, 2020 marked the steepest increase in global billionaires' share of wealth on record," the report said.

The world's richest 1% has taken more than a third of all additional wealth accumulated since 1995, while the bottom 50% captured just 2%.

"After more than 18 months of Covid-19, the world is even more polarised," Lucas Chancel, co-director of the World Inequality Lab, based at the Paris School of Economics, told the Agence France-Presse news agency.

"While the wealth of billionaires rose by more than €3.6tn (£3tn), 100 million more people joined the ranks of extreme poverty," said Mr Chancel, noting that extreme poverty had been previously falling for 25 years.

(BBC)

TPL | Published: 10:44 PM Dec 7 2021

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