Rising Number of Global Millionaires , Highlights the Disparity , Between Rich and Poor.<br />As most of the world grapples with rising <br />inflation and the looming threat of a recession, , the rich just keep getting richer.<br />As most of the world grapples with rising <br />inflation and the looming threat of a recession, , the rich just keep getting richer.<br />'Business Insider' reports <br />that 5.2 million new millionaires <br />were made globally in 2021.<br />According to Credit Suisse's annual<br />wealth report, 2.5 million of those new <br />millionaires were in the United States.<br />The September 20 report marks the , "largest increase in millionaire numbers <br />recorded for any country in any year <br />this century and reinforces the rapid <br />rise in millionaire numbers seen <br />in the United States since 2016." .<br />The Economic Policy Institute coined the term <br />"quiet fleecing" to refer to decades of stagnant wage growth in the U.S. despite higher productivity and cost of living.<br />The Economic Policy Institute coined the term <br />"quiet fleecing" to refer to decades of stagnant wage growth in the U.S. despite higher productivity and cost of living.<br />For decades, wages have failed to keep up with the rising cost of healthcare, housing and food. .<br />Meanwhile, in 2020, <br />CEOs were paid over 350 times <br />more than the typical worker.<br />According to the Credit Suisse report, the <br />one percent's share of global wealth increased for <br />the second consecutive year in 2021, rising 45.6%.<br />At the same time, the Federal Reserve and central banks <br />around the world are raising interest rates and <br />threatening a recession that would only exacerbate <br />the global disparity between rich and poor.<br />It is inexcusable, bordering on dangerous <br />for the Fed to be raising rates so <br />aggressively. Is 4 percentage points <br />on U.S. core inflation really worth <br />destabilizing Europe and pushing us <br />into a global recession? No, it is not, Claudia Sahm, Former Fed economist, via Twitter
