As global elites gather this week in the ski resort town of Davos, Switzerland, for the annual World Economic Forum, our global context couldn’t be more alarming. For the first time in 25 years, extreme wealth and extreme poverty have increased at the same time.
People in the US and around the world struggle to pay the high costs of food, gas, and other necessities, yet over the past two years, the richest 1% have secured nearly twice as much wealth as the rest of the world combined. How is this possible?
Our new report, “Survival of the Richest,” delves into the concerning increase in billionaire wealth since 2020, and how this increase is pushing more people further into poverty.
In short, billionaires are bad for the economy. How bad? Check out these top five ways:
1. Since 2020, almost two-thirds of all new wealth went to the top 1%.
The richest people in the world make six times more than the bottom 90% of…
