Billionaires’ share of world wealth soars throughout pandemic

PARIS: The share of international wealth of the world’s richest folks soared at a report tempo in the course of the Covid pandemic, a report on inequality confirmed on Tuesday.

Since 1995, the slice held by billionaires has risen from one per cent to 3 per cent, in accordance with the World Inequality Report.

“This enhance was exacerbated in the course of the Covid pandemic. The truth is, 2020 marked the steepest enhance in international billionaires’ share of wealth on report,” the doc stated.

The membership of the richest one per cent has taken greater than a 3rd of all further wealth accrued since 1995, whereas the underside 50 per cent captured simply two per cent.

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“After greater than 18 months of the Covid-19, the world is much more polarised,” Lucas Chancel, co-director of the World Inequality Lab on the Paris Faculty of Economics, advised AFP.

“Whereas the wealth of billionaires rose by greater than 3.6 trillion euros ($four trillion), 100 million extra folks joined the ranks of maximum poverty,” Chancel stated, noting that excessive poverty had been beforehand falling for 25 years.

An actual-time rating by Forbes journal exhibits that the highest 10 richest folks every have a internet value exceeding $100 billion, with Tesla boss Elon Musk on high with $264.5 billion.

Solely one of many males will not be American, LVMH luxurious group chief Bernard Arnault, and all however two are tech trade leaders whose fortunes have been turbocharged by hovering firm share costs.

The 228-page report, whose contributors embrace French economist Thomas Piketty, requires a “modest progressive wealth tax on international multimillionaires” to redistribute wealth, together with the measures to forestall tax evasion.

“Given the massive quantity of wealth focus, modest progressive taxes can generate important revenues for governments,” the report added.

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