Report: Since 2020, almost two-thirds of all new wealth went to the top 1%

Wealth Inequality Soars as Richest 1% Capture Nearly Two-Thirds of New Wealth

A shocking new report from Oxfam reveals the staggering rise in wealth inequality during the pandemic years. Despite a devastating global economic crisis, the richest 1% of the world’s population amassed a mind-boggling 63% of all new wealth created since 2020.

The numbers are almost unbelievable — a total of $42 trillion in new wealth was generated worldwide from 2020–2022, with a staggering $26 trillion of that going to the ultra-wealthy elite comprising the top 1%. In contrast, the remaining 99% of the global population had to split the remaining $16 trillion of new wealth.

This wealth disparity has accelerated rapidly, with the world’s richest 1% now capturing around half of all new wealth created over just the past decade alone. A billionaire gained approximately $1.7 million in new wealth for every $1 earned by someone in the bottom 90% globally.