|According to the report, the world's 52 richest individuals have seen the value of their wealth grow by 9.2 per cent per year for the past 25 years, well above less wealthy social groups. (Photo by= AFP)|
[Asia News = Reporter Reakkana] PARIS: The share of global wealth of the world's richest people soared at a record pace during the COVID-19 pandemic, a report on inequality showed on Tuesday (Dec 7). Since 1995, the slice held by billionaires has risen from 1 per cent to 3 per cent, according to the World Inequality Report.
"This increase was exacerbated during the COVID pandemic. In fact, 2020 marked the steepest increase in global billionaires' share of wealth on record," the document said.The club of the richest 1 per cent has taken more than a third of all additional wealth accumulated since 1995, while the bottom 50 per cent captured just two percent."After more than 18 months of COVID-19, the world is even more polarised," Lucas Chancel, co-director of the World Inequality Lab at the Paris School of Economics, told AFP. A real-time ranking by Forbes magazine shows that the top 10 richest people each have a net worth exceeding US$100 billion, with Tesla boss Elon Musk on top with around US$265 billion.
It added that today's taxes excessively target property and should instead include all forms of wealth, particularly financial assets, which make up the core of modern fortunes. The authors also recommended the creation of an international financial register to allow authorities to monitor taxpayers' assets and capital income and reduce tax evasion.