Economic Gap, Between Rich and Poor, Widened Drastically <br />Amid Pandemic.<br />According to 'The Guardian,' the global wealth gap widened amid the Covid pandemic, .<br />... as the rich profited on <br />surging stock and house prices.<br />The annual Credit Suisse Global Wealth Report shows that the number of millionaires in the world swelled by 5.2 million during the pandemic. .<br />The report shows how emergency interest rate cuts and government stimulus measures often benefited those least in need of state support.<br />As a result, the assets of those people grew <br />in value despite the economic downturn.<br />At the same time, those with already <br />lower incomes suffered job losses and <br />a loss of income due to the pandemic.<br />For the first time in history, millionaires now account for over 1% of the global population.<br />In 2020, there were 56.1 million individuals <br />with assets worth more than $1M.<br />The rise in wealth inequality was likely <br />not caused by the pandemic itself, nor <br />its direct economic impacts, but was <br />instead a consequence of actions <br />undertaken to mitigate its impact, <br />primarily lower interest rates, Credit Suisse Global Wealth Report, via 'The Guardian'.<br />In 2020, global wealth grew by 7.4% <br />to reach $418.3 trillion. .<br />The US, Europe and China experienced <br />the largest increases in wealth.<br />while overall wealth in Latin <br />America and India declined. .<br />Over the next 5 years, global wealth is expected<br />to rise a further 39% to reach $583 trillion by 2025.<br />The number of millionaires is predicted to <br />climb by nearly 50% to 84 million individuals.
