Pandemic boosts super-rich share of global wealth

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 suppor…

Read More