In the last two years, the world’s top one percent got richer at a faster pace than the rest of the world. Read to know more.
What does the annual inequality report reveal?
The top one percent of the world’s residents are getting richer faster than the rest in the last two years. The uber-wealthy generated twice as much wealth compared to the rest as per the annual inequality report by Oxfam. The fortune saw an increase of $26 trillion in the period. However, the remaining 99 percent saw a collective rise of $16 trillion in their net worth. The pandemic also helped in accelerating the wealth of the uber-rich. Over the last decade, they netted half of the new wealth generated. However, in the last few years, this increased to two-thirds.
The report, drawing on data compiled by Forbes, coincides with the kickoff of the yearly World Economic Forum meeting in Davos, Switzerland. The economic meeting will be a gathering of some of the wealthiest in the world. On the other end of the spectrum, about 1.7 billion workers are experiencing outpacing wages due to inflation. “While ordinary people are making daily sacrifices on essentials like food, the super-rich has outdone even their wildest dreams,” stated Gabriela Bucher. Bucher is the executive director of Oxfam International. “Just two years in, this decade is shaping up to be the best yet for billionaires — a roaring ’20s boom for the world’s richest,” she added.
More on the top one percent and their growth.
While their net worths have slipped in the past year, the top one percent are still weather than at the beginning of the pandemic. As per the Oxfam report, their current net worth totals $11.9 trillion, higher than the total of $8.6 trillion among billionaires in March 2020. “The wealthy are benefiting from three trends. So much of that fresh cash ended up with the ultra-wealthy, who were able to ride this stock market surge, this asset boom. And the guardrails of fair taxation weren’t in place,” stated Nabil Ahmed. Ahmed is Oxfam’s director of economic justice for the US.