Billionaires' wealth soared during pandemic as millions fell into poverty

The share of global wealth of the world's richest people soared at a record pace during the Covid pandemic, while around 100 million more people joined the ranks of extreme poverty, a report on inequality shows

The world is becoming"even more polarised" as billionaires' wealth rose by more than $4 trillion during the Covid-19 pandemic, while over 100 million joined the ranks of"extreme poverty".

The share of global wealth of the world's richest people has soared at a record pace during the Covid pandemic. "This increase was exacerbated during the Covid pandemic. In fact, 2020 marked the steepest increase in global billionaires' share of wealth on record," the document said. The world's 52 richest individuals have seen the value of their wealth grow by 9.2 percent per year for the past 25 years, well above less wealthy social groups, according to the report.

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