Truthout - April 1, 2021

A new analysis out Thursday morning shows that the world’s 2,365 billionaires have seen their collective fortunes grow by $4 trillion during the coronavirus pandemic, a staggering windfall that prompted demands for a global wealth tax aimed at curbing inequality and funding key priorities such as the lagging international vaccination effort.

Conducted by the Institute for Policy Studies (IPS) on behalf of the Patriotic Millionaires and Millionaires for Humanity, the new report draws on data from several sources to demonstrate that the wealth of the planet’s billionaires jumped 54% amid the global Covid-19 crisis and resulting economic collapse.

“Their combined wealth rose from $8.04 trillion to $12.39 trillion between March 18, 2020 and March 18, 2021,” the report notes. “At the global level, the wealthiest 20 billionaires have a combined $1.83 trillion in wealth — with an increase of $742 billion, or 68%, over the pandemic year. In comparison, the 2019 GDP of Spain was $1.3 trillion.” ...
Read full report at Truthout