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Data: World Inequality Report 2022; Chart: Axios Visuals

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.

Go deeper

Businesses face mounting flood risks

Data: First Street Foundation; Chart: Kavya Beheraj/Axios

A groundbreaking report finds that businesses in the U.S. could lose more than 3.1 million days of operation next year due to increasing flood risks from human-caused global warming. This total may grow to 4 million days by 2051, the report predicts, warning of ripple effects throughout local economies.

The big picture: Previous reports had looked at residential and critical infrastructure exposure. This is the first detailed report examining commercial real estate's increasing vulnerability.

University of Michigan reaches $490M settlement in sex abuse case

Jon Vaughn, a former University of Michigan and NFL football player, speaks at a press conference in Ann Arbor, Mich., in June 2021. Photo: Bill Pugliano/Getty Images

The University of Michigan on Wednesday reached a $490 million settlement with over a thousand survivors who allege that they were sexually assaulted by a former physician in the school's athletic department.

Driving the news: "It's been a long and challenging journey and these survivors have refused to remain silent," attorney Parker Stinar said Wednesday.

4 hours ago - Technology

3D printing's next act: big metal objects

Chief Scientist Andy Bayramian makes modifications to the laser system on Seurat's 3D metal printer. Photo courtesy of Seurat Technologies.

A new metal 3D printing technology could revolutionize the way large industrial products like planes and cars are made, reducing the cost and carbon footprint of mass manufacturing.

Why it matters: 3D printing — also called additive manufacturing — has been used since the 1980s to make small plastic parts and prototypes. Metal printing is newer, and the challenge has been figuring out how to make things like large car parts faster and cheaper than traditional methods.