Current Events

Biggest Transfer of Wealth in History Winners and Losers

TO PUBLISH INCONVENIENT NEWS WE RELY ON DONATIONS Please contact Michael Walsh for easy transfer details

The share of wealth owned by the world’s super-rich soared during the artificial media-hyped coronavirus pandemic, while 100 million people sank into extreme poverty, a major study has found.

According to the World Inequality Report, released on Tuesday, the top 1% took 38% of all additional wealth accumulated since the mid-1990s, whereas the bottom 50% captured just 2% of it. It also revealed that the world’s 2,755 billionaires collectively own 3.5% of global household wealth this year, up from 2% at the start of the artificial pandemic in early 2020.

The Covid crisis has worsened inequalities between the very wealthy and the rest of the population,’ lead author Lucas Chancel said, adding that rich economies used massive fiscal support to mitigate the sharp rises in poverty seen elsewhere.

The richest 10% of the population now takes 52% of global income and the poorest half just 8%, the study showed. Some super-rich benefited from the shift online of much of the world’s economy during Covid-19 lockdowns, while others simply gained from rising asset prices.

Less than 0.1% of readers support us even though we’re 100% dependent upon reader support.

‘Since wealth is a major source of future economic gains, and increasingly, of power and influence, this presages further increases in inequality,’ the study says, describing the current state of events as an ’extreme concentration of economic power in the hands of a very small minority of the super-rich.’

Donate: It is the generosity of our supporters and members that makes our vital work possible. As the storm clouds of crisis and the pain of injustice and persecution loom over our people, the potential and importance of our work grows day-by-day. There is no George Soros figure out there for nationalists, so we can only do what good people like you help us to do. Thank you for your faith and your generous commitment: contact Michael

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s