The billionaire balloon
The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.
Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.
Why it matters: Governments around the world spent vast sums to battle the pandemic, fueling massive appreciation in stocks and real estate.
- The increase in billionaires' share of wealth from 2020 to 2021 was the steepest on record, the report says.
Zoom out: The study found poverty increased sharply in countries with weak welfare coverage. But massive government support in the U.S. and Europe mitigated some impact on lower earners, Reuters notes.
Go deeper: Read the report ... 236-page PDF.