According to a survey released Tuesday by the Paris-based Global Inequality Lab, about 2,750 billionaires control 3.5 per cent of the world’s wealth.
According to an organisation created by French economist Thomas Piketty, the share of global wealth held by billionaires reached a new high during the Covid-19 crisis.
According to a survey released Tuesday by the Paris-based Global Inequality Lab, about 2,750 billionaires control 3.5 per cent of the world’s wealth. This is increased from 1% in 1995, with the fastest increase after the epidemic, according to the organisation. Only 2% of the world’s wealth is owned by the poorest half of the population.
The debate over rising inequality during a public health crisis has harmed poor economies much more than industrialised economies, due to a lack of vaccines and financial means to soften the blow. Financial and real-estate markets in the developed world have also soared since the depths of the recession last year, exacerbating domestic disparities.
According to Lucas Chancel, those epidemic patterns come after decades of policy that was often directed toward the wealthy, with the hope that it would “trickle-down” and benefit everyone else.
In an interview, Chancel, co-director of the Society Inequality Lab, remarked, “There is actually this polarisation on top that was already quite unequal before the pandemic.” He claimed that during a crisis in which the World Bank estimates that 100 million people have plunged into extreme poverty, billionaires amassed 3.6 trillion euros ($4.1 trillion) in wealth.
‘Missing Middle Class’
The richest ten per cent of people control around 60 per cent to 80 per cent of the wealth in most parts of the world. However, the analysis identifies some notable regional differences.
Overall, poorer countries are catching up to wealthy countries, but inequality has increased within those emerging countries. According to the Lab, same-country differences now account for more than two-thirds of global inequality, up from approximately half in 2000.
According to the report, Latin America and the Middle East are the world’s most unequal regions, with the top 10% controlling more than 75% of the wealth. Sub-Saharan Africa and Russia aren’t far behind.
Other growing economies, such as India, nevertheless have a “missing middle class,” according to Chancel. “Market inequities have superseded colonial inequalities.”
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