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‘We’ve really lost a decade to lip service about inequality’: World’s richest 1% captured almost two-thirds of all new wealth created in two years, report says

Marketwatch | Jan. 15, 2023

For every dollar of new global wealth earned by a person in the bottom 90% during the first two years of the COVID-19 pandemic, a billionaire got $1.7 million, according to a new analysis from the anti-poverty group Oxfam.

That means that even in an era marked by the pandemic, nearly 15 million excess deaths and rising consumer prices, the richest 1% captured almost two-thirds of all new wealth created between December 2019 and December 2021, the report said.

Oxfam said a “flood of public money pumped into the economy by rich countries” during the pandemic, combined with tax policies that favor the wealthy, higher corporate profits and rising prices, helped to fuel a surge in wealth for the world’s richest people. To reverse a trend of widening inequality, taxes must be raised on the richest people in the world, the organization said.

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