The world saw an increase in billionaires last year while the working class saw their incomes go down.
“The pandemic was a boon for billionaires. It grew their collective wealth and helped more people join their ranks. For the first time, the world has more than 3,000 billionaires, according to a new report from research firm Wealth-X.
That’s a 13.4% increase since 2019. Their total wealth swelled to $10 trillion – a 5.7% increase in net worth.
‘Viewed in aggregate, the global pandemic delivered a windfall to billionaire wealth, boosted by the flood of monetary stimulus and swelling profits in key sectors that coined a new wave of younger, self-made billionaires,’ the report said.
But not all billionaire wealth was created equal, with those who find their fortunes in pandemic-stricken industries like travel and entertainment not benefiting as much as those in sectors like technology. Even so, the uneven wealth gains came as workers around the world lost $3.7 trillion in earnings during the pandemic, according to a report from the International Labour Organization (ILO).
In the US alone, poverty ticked up by 1% from 2019 to 2020, according to the US Census Bureau, and median household income dropped by 2.9%. North America cemented its status as ‘the world’s leading billionaire region in 2020,’ with the three-comma club there growing by 17.5% from the year prior. In fact, North America’s 980 billionaires account for 30.6% of the world’s billionaires. The US was the top billionaire country in 2020.”
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