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Super-rich increase their share of world's income
Source: BBC
The World Inequality Report said that 2020 saw the steepest increase in billionaires' wealth on record.
Meanwhile, 100 million people sank into extreme poverty, the report from the Paris-based World Inequality Lab said.
The richest 10% of the population now takes 52% of global income and the poorest half just 8%, it said.
...
"This increase was exacerbated during the Covid pandemic. In fact, 2020 marked the steepest increase in global billionaires' share of wealth on record," the report said.
Read more: https://www.bbc.co.uk/news/business-59565690
Website: https://wir2022.wid.world/
Summary:
The rise in private wealth has also been
unequal within countries and at the world
level. Global multimillionaires have captured
a disproportionate share of global wealth
growth over the past several decades: the
top 1% took 38% of all additional wealth
accumulated since the mid-1990s, whereas
the bottom 50% captured just 2% of it. This
inequality stems from serious inequality
in growth rates between the top and the
bottom segments of the wealth distribution.
The wealth of richest individuals on earth
has grown at 6 to 9% per year since 1995,
whereas average wealth has grown at 3.2%
per year (Figure 9). Since 1995, the share of
global wealth possessed by billionaires has
risen from 1% to over 3%. This increase was
exacerbated during the COVID pandemic. In
fact, 2020 marked the steepest increase in
global billionaires’ share of wealth on record
(Figure 10).
Wealth inequality was significantly reduced
in Western countries between the early 20th
century and the 1980s, but the poorest half
of the population in these countries has
always owned very little, i.e. between 2% and
7% of the total (Figure 11). In other regions,
the share of the bottom 50% is even lower.
These results show that much remains to be
done, in every region of the world, if we are
to reduce extreme wealth inequalities.
The World Inequality Report 2022 provides
the first estimates of the gender inequality
in global earnings. Overall, women’s share
of total incomes from work (labor income)
neared 30% in 1990 and stands at less than
35% today (Figure 12). Current gender
earnings inequality remains very high: in a
gender equal world, women would earn 50%
of all labor income. In 30 years, progress
has been very slow at the global level,
and dynamics have been different across
countries, with some recording progress but
others seeing reductions in women’s share of
earnings (Figure 13).
Global income and wealth inequalities are
tightly connected to ecological inequalities
and to inequalities in contributions to
climate change. On average, humans emit
6.6 tonnes of carbon dioxide equivalent
(CO2) per capita, per year. Our novel data
set on carbon emissions inequalities reveals
important inequalities in CO2 emissions at
the world level: the top 10% of emitters are
responsible for close to 50% of all emissions,
while the bottom 50% produce 12% of the
total (Figure 14).
https://wir2022.wid.world/www-site/uploads/2021/12/Summary_WorldInequalityReport2022_English.pdf
unequal within countries and at the world
level. Global multimillionaires have captured
a disproportionate share of global wealth
growth over the past several decades: the
top 1% took 38% of all additional wealth
accumulated since the mid-1990s, whereas
the bottom 50% captured just 2% of it. This
inequality stems from serious inequality
in growth rates between the top and the
bottom segments of the wealth distribution.
The wealth of richest individuals on earth
has grown at 6 to 9% per year since 1995,
whereas average wealth has grown at 3.2%
per year (Figure 9). Since 1995, the share of
global wealth possessed by billionaires has
risen from 1% to over 3%. This increase was
exacerbated during the COVID pandemic. In
fact, 2020 marked the steepest increase in
global billionaires’ share of wealth on record
(Figure 10).
Wealth inequality was significantly reduced
in Western countries between the early 20th
century and the 1980s, but the poorest half
of the population in these countries has
always owned very little, i.e. between 2% and
7% of the total (Figure 11). In other regions,
the share of the bottom 50% is even lower.
These results show that much remains to be
done, in every region of the world, if we are
to reduce extreme wealth inequalities.
The World Inequality Report 2022 provides
the first estimates of the gender inequality
in global earnings. Overall, women’s share
of total incomes from work (labor income)
neared 30% in 1990 and stands at less than
35% today (Figure 12). Current gender
earnings inequality remains very high: in a
gender equal world, women would earn 50%
of all labor income. In 30 years, progress
has been very slow at the global level,
and dynamics have been different across
countries, with some recording progress but
others seeing reductions in women’s share of
earnings (Figure 13).
Global income and wealth inequalities are
tightly connected to ecological inequalities
and to inequalities in contributions to
climate change. On average, humans emit
6.6 tonnes of carbon dioxide equivalent
(CO2) per capita, per year. Our novel data
set on carbon emissions inequalities reveals
important inequalities in CO2 emissions at
the world level: the top 10% of emitters are
responsible for close to 50% of all emissions,
while the bottom 50% produce 12% of the
total (Figure 14).
https://wir2022.wid.world/www-site/uploads/2021/12/Summary_WorldInequalityReport2022_English.pdf
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