100 million people sank into extreme poverty in 2020 while the increase in billionaires’ wealth has been the highest on record.
The richest 10% of the population now takes 52% of global income and the poorest half just 8%.
The report concluded that:
The researchers found that the world’s 52 richest individuals saw the value of their wealth grow by 9.2% per year for the past 25 years, well above less wealthy social groups.
Lucas Chancel, co-director of the World Inequality Lab, based at the Paris School of Economics, explained, “While the wealth of billionaires rose by more than €3.6tn (£3tn), 100 million more people joined the ranks of extreme poverty.”
The oil, gas and metals merchant Trafigura will reward its top traders and executives with bonus payouts worth more than £1bn after making record profits from the market upheaval during the Covid pandemic. At £1.1bn, the rewards are 87% up on last year.
Oil trading company Vitol, which handed the equivalent of more than $8m to each of its 350 most senior staff.
Super-rich increase their share of world’s income – BBC News