In 2020 and 2021, the richest 1% of the world’s population took nearly 2/3rds of all new wealth – six times more than that earned by the poorest 90% of workers.
And while billionaires get richer, global poverty is increasing, Oxfam warns. In the past decade, the richest 1% of people on Earth sucked up half of all new wealth.
“Since 2020, for every dollar of new global wealth gained by someone in the bottom 90%, one of the world’s billionaires has gained $1.7 million,” said Oxfam. In the meantime, global poverty is getting worse, not better, surprise surprise.