Research released on Tuesday confirmed there is money in a crisis. This research also revealed the percent of home incomes controlled by billionaires increased to an all-time high during the worldwide coronavirus epidemic.
Millionaires followed closely behind.
The Rich Get Richer
According to the World Income Inequality Assessment, which was published by a group of social researchers, billionaires now own 3.5 percent of worldwide household incomes. This is up from slightly more than 2 percent at the beginning of the outbreak in early 2020.
“The COVID crisis increased inequality between the very rich and the general populace,” lead author Lucas Chancel said. He also stressed that wealthier economies employed significant financial support to offset sharp increases in poverty abroad.
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The pandemic drove nearly 100 million people into absolute poverty at the same period the rich are getting richer. This brings the worldwide total to 711 million in 2021, per an estimate from the World Bank mentioned in the report.
Several more individuals would have been pushed into poverty if many industrialized countries had not taken steps to protect citizens from the financial consequences of the COVID-19 epidemic.
With a prologue written by Abhijit Banerjee, as well as Esther Duflo, the paper tackles a variety of professional research and public sector information.
According to Reuters, the results back up a slew of previous research, “rich lists,” and other evidence that points to a surge in health, socioeconomic, gender, and racial disparities during the epidemic.
Lockdowns for Us, Not Them
The research also stated that for the most part, life went on as usual for people on the worldwide rich lists over the previous 18 months. Meanwhile, everyone else has been put on lockdown and ordered to stay at home because of the coronavirus.
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The World Inequality Report is the outcome of more than four years of scientific research by over 100 academics from all across the world. However, Forbes’ annual list of the world’s billionaires had a tally of 2,755 billionaires this year, with a total fortune of $13.1 trillion.
This is up from $8 trillion the year before. According to the new research, a larger group of 520,000 persons (who make up the top 0.01 percentile of the world’s wealth) collectively saw their proportion of global wealth rise to 11 percent this year, up from 10 percent last year.
According to analysts, some mega-rich people benefited from the global economy’s transition online during the shutdowns. Meanwhile, others merely benefited from soaring asset values as stock markets bet on the timing and shape of the economic recovery.
While hunger rose sharply in nations with poorer welfare coverage, the study revealed massive government assistance in the United States and Europe was able to alleviate at least some of the impact on lower-income earners.
This was done via job incentives and support networks.