The good news is that the world has created $42 trillion in new wealth since since 2020, according to a new Oxfam study. The bad news (at least for most of us) is that the top 1% of earners have captured nearly two-thirds of that wealth.
For every $100 of new wealth created in the global economy between December 2019 and December 2021, $63 (or 63%) went to the top 1% while the bottom 90% captured just $10 of those dollars.
The middle 9% took the remaining 27% of the pie.
There are 3,311 billionaires in the world, according to Visual Capitalist, and those more than 3,000 individuals hold more than half of the world's wealth, according to Oxfam's numbers.
As much inequality as there is in the world because of billionaires, there is also inequality among their ranks.
Of the world's richest 1,000 billionaires, only 124 are women and only five are black.
How Does Oxfam Suggest We Fix Wealth Disparity?
Taxes.
"The very richest have become dramatically richer and corporate profits have hit record highs, driving an explosion of inequality," the Oxfam study stated.
The study also found that the rich are adept at avoiding paying taxes, through sophisticated loopholes to which the average person does not have access.
"Taxing the rich can set us clearly on a path to a more equal, sustainable world free from poverty," according to the study.
The timing of the release is poignant as the representatives of those 3,300 gather in Davos, Switzerland at the World Economic Forum (WEF) to shape the direction of the world's economy.
More than 600 CEOs and 50 heads of state will be present, along with 56 finance ministers, 19 central bank governors, 30 trade ministers, and 35 foreign ministers attending the WEF this year, USNews reported.
Rappers (wil.i.am), cellists (Yo-Yo-Ma), actors (Idris Elba), and social media influencers (Nas Daly) will also be attending.
