The Guardian view on global inequality: the rising tide that leaves most boats behind

‘Taxing the ultra-rich means financing public services and the ecological transition,’ reads a banner in favour of France’s proposed 2% wealth tax outside the senate in Paris on 12 June 2025. Photograph: Abdul Saboor/Reuters

This year’s global wealth report by the City bank UBS confirms what is self-evident but rarely confronted: while riches are accumulating, their distribution remains starkly unbalanced. In the 56 countries and economic areas surveyed, the report says global personal wealth grew 4.6% in 2024. However, not all boats have been lifted by this tide. The gap is growing between those who hold assets and those who don’t.

The figures are shocking: just 60m of the world’s adults – 1.6% of the population – have net personal wealth of $226tn, or 48.1% of all the world’s riches. At the other extreme, four in 10 adults – 1.57bn people – have only $2.7tn, or just 0.6% of all the world’s personal wealth. Economists now argue that inequality is no longer a by-product of growth but a condition of it.