The coronavirus pandemic has worsened the massive financial gap between rich and poor around the world, a new report has found. As millions fell into poverty, billionaires' wealth soared.
Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab began keeping records in 1995, according to the research group's analysis released Tuesday. Their net worth grew by more than $3.6 trillion in 2020 alone, boosting their share of global household wealth to 3.5%.
The fortunes of the wealthy expanded at a much faster rate -- between 3% and 9% per year during that period. But the poorest half saw their wealth grow only between 3% and 4% per year. And since they own very little wealth, the overall amount did not rise much.The wealth gap varies greatly by regionLatin America has the largest divide between the top 10%, which controls 77% of the wealth, and bottom 50%, which owns a scant 1%. By contrast, Europe has the smallest gap.
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