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.