Posted on 09/21/2022 9:37:31 PM PDT by fluorescence
The ranks of the global “ultra high net worth” (UHNW) individuals swelled by 46,000 last year to a record 218,200 as the world’s richest people benefited from “almost an explosion of wealth” during the recovery from the pandemic.
The number of UHNW people – those with assets of more than $50m (£43.7m) – jumped in 2021 as the super-rich benefited from soaring house prices and booming stock markets, according to a report by investment bank Credit Suisse. The number of people in the UHNW bracket has increased by more than 50% over the past two years.
The huge increase in wealth of the richest 0.004% of the world’s adult population comes as billions of low- and middle-income people – many of whom saw their savings wiped out during the pandemic – struggle to cope with soaring food and energy prices.
“The strong rise in financial assets resulted in an increase in inequality in 2021,” the report by Credit Suisse, which helps manage the fortunes of many of the world’s richest people, said. “The rise in inequality is probably due to the surge in the value of financial assets during the Covid-19 pandemic.”
Credit Suisse’s Global Wealth Report found that “the recovery of macroeconomic activity in a low interest environment produced exceptionally favourable conditions for household wealth growth during 2021”.
“We estimate that global wealth totalled $463.6tn at the end of 2021, a rise of $41.4tn (9.8%),” the report said. “Wealth per adult grew by $6,800 (8.4%) during the course of the year to reach $87,489, close to three times the level recorded at the turn of the century.”
Anthony Shorrocks, an economics professor and an author of the report, said there had been “almost an explosion of wealth last year… Probably higher than any other year we have ever recorded”.
(Excerpt) Read more at theguardian.com ...
>> there had been “almost an explosion of wealth last year”
almost... and during the COVID confinement nonetheless...
It’s concentrated wealth, not middle-class wealth.
Under communism, things would be a lot more fair because everybody would be equal. Then we would rid of these parasitic capitalists who don’t do anything but exploit the poor. Won’t life be grand when the workers of the world have finally united and overthrown their capitalist oppressors?
UHNW people should not be confused with UHMW plastics. They are only one letter apart, so confusion is highly likely.
(That’s “ultra high molecular weight” plastics)
The greatest theft ever purpetrated happened through the use of a fake pandemic and most idiots blindly followed.
The greatest theft ever purpetrated happened through the use of a fake pandemic and most idiots blindly followed
+++++++++++++++++++++++++++++++++++
Yes.
How do you define an idiot with wealth? I would like to be one if I could control who got my money for any effort I made to make more! (Money, that is!)
There is a breathtaking redistribution of wealth to the global elitists going on. Something big is coming and they are preparing.
Yep...I finally hit that bracket. My pay as a Wal-Mart greeter put me right over the top.
Moving on up...
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