World’s richest 1 percent grab two-thirds of global wealth

Right on the first day of the World Economic Forum, the report of a British-founded confederation of charitable organisations Oxfam under the Survival of the Richest telling title was released

Photo: www.asiaplustj.info

It follows from the report that the world has found itself in a paradoxical situation for the first time over the past 25 years: both the number of extremely poor and extremely rich inhabitants of the planet has grown at the same time! 
During the COVID-19 pandemic since 2020, 1 percent of the rich have received at their disposal 62 percent of the world’s accumulated wealth during this time — as much as $26 trillion! Meanwhile, 1.7 billion ordinary workers live in countries where inflation is now outpacing wage growth. And every tenth inhabitant of the Earth suffers from daily hunger. The wealth of billionaires, however, has surged as inflation drives up food and energy prices.
A total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63 percent, of that being amassed by the top 1 percent of the ultra-rich, according to the report. The remaining 99 percent of the global population collected just $16 trillion of new wealth, the global poverty charity says.
“A billionaire gained roughly $1.7m for every $1 of new global wealth earned by a person in the bottom 90 percent,” the report reads.

Based on the materials of www.cnbc.com