13.4% More Billionaires in 2020 as Working Class Income Dropped And Poverty Increased

The world saw an increase in billionaires last year while the working class saw their incomes go down.

Market Insider reports:

“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.”

For the rest of the story, visit Market Insider here.

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