Hold on to your wallets, folks! Credit Suisse reports that the world’s billionaires have gotten $2.6 trillion richer since the pandemic began. That’s right, trillion with a « t. » This staggering increase in wealth has only worsened the already gaping wealth gap between the rich and poor. To combat this issue, we need policies that address wealth inequality, support organizations that fight poverty, and take control of our own finances. It’s time to take action and make a change.
How much cash do the top 1% have?
According to Credit Suisse, individuals with more than $1 million in wealth sit in the top 1 percent bracket. But what about the billionaire class? Well, it seems that they are doing just fine, despite the pandemic. In fact, they are $2.6 trillion richer than before the pandemic, even if billionaire fortunes slightly fell in 2022 after their record-smashing peak in 2021.
This fact might come as no surprise to many of us, as we have seen the headlines about the rich getting richer during the pandemic. But what does it mean for the rest of us? How can we, the 99%, navigate this unequal landscape?
The wealth gap is widening
The pandemic has had a devastating impact on the global economy, with millions of people losing their jobs and businesses struggling to stay afloat. However, the billionaire class seems to have been largely unaffected, with many of them even seeing their wealth increase during this time.
This has led to a widening of the wealth gap, with the rich getting richer and the poor getting poorer. According to a report by Oxfam, the world’s 10 richest billionaires have seen their wealth increase by $540 billion during the pandemic, enough to prevent anyone from falling into poverty due to the pandemic and to pay for a COVID-19 vaccine for everyone in the world.
What can we do about it?
It’s clear that the current economic system is not working for everyone. The wealth gap is widening, and many people are struggling to make ends meet. But what can we do about it?
One solution is to advocate for policies that address wealth inequality, such as progressive taxation, a living wage, and universal healthcare. We can also support organizations that are working to combat poverty and inequality, such as Oxfam and the Global Fund for Women.
Another solution is to take control of our own finances and invest in ourselves. By starting our own businesses or investing in stocks and real estate, we can create our own wealth and financial security.
The fact that the billionaire class is $2.6 trillion richer than before the pandemic is a stark reminder of the widening wealth gap in our society. While there are no easy solutions to this problem, we can advocate for policies that address wealth inequality and take control of our own finances to create our own wealth and financial security. By working together, we can create a more just and equitable society for all.
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