World’s richest 1% gaining wealth fastest in 10 nations: Report

A recent global wealth report indicated that the world's richest one per cent are gaining wealth rapidly in 10 nations. In some of these 10 nations, wealth inequality has increased sharply after the Covid-19 pandemic.

The coronavirus pandemic has not only impacted the global economy but also increased the wealth gap between the poor and the rich. Income inequality has seen a sharp rise in some nations where the rich are gaining wealth quicker than ever, while the poor struggle to make ends meet. A wealth report released by the Credit Suisse Group AG, cited in a Bloomberg News report, confirms the sheer level of inequality triggered by the pandemic. The report suggests that the share of the wealth held by the richest 1 per cent in the world are growing at the fastest rate in 10 nations including India, China, Brazil and the United States.