Guess What? Covid Has Made Billionaires Even Richer
NDTV
Covid Pandemic Impact On Wealth: The report showed that a wider group of 520,000 adults who make up the top 0.01% richest together saw their share of global wealth hit 11% this year, up from 10% the year before.
The share of household wealth owned by billionaires has risen by a record amount during the pandemic, with millionaires also coming out of COVID-19 ahead, a study found on Tuesday.
The World Inequality Report produced by a network of social scientists estimated that billionaires this year collectively own 3.5% of global household wealth, up from slightly above 2% at the start of the pandemic in early 2020.
"The COVID crisis has exacerbated inequalities between the very wealthy and the rest of the population," lead author Lucas Chancel said, noting that rich economies used massive fiscal support to mitigate the sharp rises in poverty seen elsewhere.
The report drew on a variety of specialist research and public domain data, with a foreword written by U.S.-based economists Abhijit Banerjee and Esther Duflo, two of the trio who won a 2019 Nobel for work on poverty.
