Billionaires’ wealth globally and collectively is up 10.3% during a severe health crisis. This money can only have been picked from the pockets of the 99.999% – many of whom are living in poverty or one pay cheque away from it. The mega-wealthy and their profiteering corporations therefore have absolutely no incentive to make the world a safer and more equal place for our children into the future.
2019 was a very good year for the world’s wealthiest individuals. The normal workings of global capitalism created both more billionaires and more combined wealth owned by those billionaires.
According to Wealth-X, which claims to “have developed the world’s most extensive collection of records on wealthy individuals and produce unparalleled data analysis to help our clients uncover, understand, and engage their target audience, as well as mitigate risk,” the size of the global billionaire population increased strongly in 2019, rising by 8.5 percent
to 2,825 individuals, while their combined wealth increased by 10.3 percent to $9.4 trillion.
To put that into perspective, the world’s real Gross Domestic Product grew by only 2.9 percent (International Monetary Fund) in 2019—while the value of global equities, which is key to billionaires’ wealth, soared by more than 25 percent (MSCI World Index).
The United States still leads the list of…
View original post 826 more words