The extreme wealth and extreme poverty have increased simultaneously for the first time in 25 years. The world’s wealthiest residents, which are around 1% of the global populations have been getting far richer. The wealth accumulation of these super-rich accelerated far faster than the rest of the wolrd else over the past two years according to the Oxfam’s annual report. Meanwhile, the many of the less fortunate are struggling.
The wealthy are benefiting from the policies during the pandemic these two years. At the start of the pandemic, global governments, especially wealthier countries, poured trillions of dollars into their economies and stock markets to prevent a collapse. That prompted triggered tocks and other assets to soar in value. So much of that cash ended up with the ultra-wealthy as well as taxation weren’t not in place. Therefore, the riches become richer during the pandemic.
Narrowing the gap between the rich and the poor will be one of the great challenges in the post-pandemic period for many governments globally.
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