Pandemic Increases Super-Rich Share of World Wealth
2021-12-12
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1A study found on Tuesday that the share of household wealth owned by billionaires has risen by a record amount during the pandemic.
2Millionaires are also coming out of COVID-19 ahead.
3The World Inequality Report is produced by a network of social scientists.
4The report estimated that billionaires this year collectively own 3.5 percent of the world household wealth.
5This is up from a little more than 2 percent at the start of the pandemic in early 2020.
6Lucas Chancel was the lead writer.
7He said the COVID crisis has worsened the inequalities between the very rich and the rest of the population.
8He noted that rich economies used massive financial support to lessen the increased rise in poverty seen elsewhere.
9The report used different specialist research and public information.
10The opening part was written by U.S.-based economists Abhijit Banerjee and Esther Duflo.
11They were two of three economists who won a 2019 Nobel for work on poverty.
12They wrote, "wealth is a major source of future economic gains, and increasingly, of power and influence...," which predicts even more increases in inequality.
13They were writing about what they called an "extreme concentration of economic power in the hands of a very small minority of the super-rich."
14The findings confirm what many different existing studies, "rich lists," and other evidence found, pointing to a rise in health, social, sex, and racial inequalities during the pandemic.
15Forbes magazine publishes yearly a list of the world's billionaires.
16This year it includes a record-breaking 2,755 billionaires with a combined worth of $13.1 trillion, up from $8 trillion last year.
17The new report showed that a wider group of 520,000 adults who make up the top 0.01 percent richest together saw their share of global wealth hit 11 percent this year.
18This is up from 10 percent the year before.
19It said belonging to the top 0.01 percent richest means having a household wealth of at least $19 million.
20This was set for different amounts among different countries based on what a dollar could buy.
21Researchers say some super-rich have gained from the move to online of much of the world's economy during lockdowns.
22Others simply gained from the value of what they owned, which raised as financial markets put money into the recovery of the economy.
23The study also found that poverty greatly increased in countries with weaker government support.
24It found that large government support in the United States and Europe was able to deal with at least some of the effects on lower earners there.
25Chancel said, "This shows the importance of social status in the fight against poverty."
26I'm Dorothy Gundy.
1A study found on Tuesday that the share of household wealth owned by billionaires has risen by a record amount during the pandemic. Millionaires are also coming out of COVID-19 ahead. 2The World Inequality Report is produced by a network of social scientists. The report estimated that billionaires this year collectively own 3.5 percent of the world household wealth. This is up from a little more than 2 percent at the start of the pandemic in early 2020. 3Lucas Chancel was the lead writer. He said the COVID crisis has worsened the inequalities between the very rich and the rest of the population. He noted that rich economies used massive financial support to lessen the increased rise in poverty seen elsewhere. 4The report used different specialist research and public information. The opening part was written by U.S.-based economists Abhijit Banerjee and Esther Duflo. They were two of three economists who won a 2019 Nobel for work on poverty. 5They wrote, "wealth is a major source of future economic gains, and increasingly, of power and influence...," which predicts even more increases in inequality. They were writing about what they called an "extreme concentration of economic power in the hands of a very small minority of the super-rich." 6The findings confirm what many different existing studies, "rich lists," and other evidence found, pointing to a rise in health, social, sex, and racial inequalities during the pandemic. 7Forbes magazine publishes yearly a list of the world's billionaires. This year it includes a record-breaking 2,755 billionaires with a combined worth of $13.1 trillion, up from $8 trillion last year. 8The new report showed that a wider group of 520,000 adults who make up the top 0.01 percent richest together saw their share of global wealth hit 11 percent this year. This is up from 10 percent the year before. 9It said belonging to the top 0.01 percent richest means having a household wealth of at least $19 million. This was set for different amounts among different countries based on what a dollar could buy. 10Researchers say some super-rich have gained from the move to online of much of the world's economy during lockdowns. Others simply gained from the value of what they owned, which raised as financial markets put money into the recovery of the economy. 11The study also found that poverty greatly increased in countries with weaker government support. It found that large government support in the United States and Europe was able to deal with at least some of the effects on lower earners there. 12Chancel said, "This shows the importance of social status in the fight against poverty." 13I'm Dorothy Gundy. 14Mark John reported this story for Reuters. Gregory Stachel adapted it for VOA Learning English. Susan Shand was the editor. 15____________________________________________________________ 16Words in This Story 17network - n. a group of people or organizations that are closely connected and that work with each other 18wealth - n. a large amount of money and possessions 19poverty - n. the state of being poor 20source - n. someone or something that provides what is wanted or needed 21concentration - n. a large amount of something in one place