Pandemic Is A Wonderful Time For Billionaires: CNN Business

In a sure sign that capitalism is totally fine and not broken, a new report shows that billionaires collectively saw their net worth rise by $3.6 trillion in 2020 alone, boosting their share of global household wealth to 3.5%, CNN Business reported.

Photo Insert: A caricature of Jeff Bezos

At the same time, the pandemic pushed about 100 million people into extreme poverty, with little or no hope at all of improving their sorry lives. Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab (WIL) began keeping records in 1995.

The richest 10% of the global population controls 76% of the world's wealth in 2021, according to the analysis. By contrast, the bottom 50% owns a mere 2%. The middle 40%, meanwhile, owns 22%.

Latin America has the largest divide between the top 10%, which controls 77% of the wealth, and bottom 50%, which owns a scant 1%. Europe has the smallest gap. The top 10% owns 58% of total wealth versus 4% for the bottom 50%.

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