Billionaires’ wealth soars during pandemic

The share of global wealth of the world’s richest people soared at a record pace during the COVID-19 pandemic, a report on inequality showed on Tuesday.

Since 1995, the slice held by billionaires has risen from 1 percent to 3 percent, according to the World Inequality Report.

“This increase was exacerbated during the COVID-19 pandemic. In fact, 2020 marked the steepest increase in global billionaires’ share of wealth on record,” the document said. The club of the richest 1 percent has taken more than a third of all additional wealth accumulated since 1995, while the bottom 50 percent captured just 2 percent.

“After more than 18 months of COVID-19, the world is even more polarized,” said Lucas Chancel, co-director of the World Inequality Lab at the Paris School of Economics.