The world\u2019s wealthiest residents have been getting far richer, far faster than everyone else over the past two years.
\nThe top 1% have captured nearly twice as much new wealth as the rest of the world during that period, according to Oxfam\u2019s annual inequality report, released Sunday. Their fortune soared by $26 trillion, while the bottom 99% only saw their net worth rise by $16 trillion.
\nAnd the\u00a0wealth accumulation\u00a0of the super-rich accelerated during the pandemic. Looking over the past decade, they netted just half of all the new wealth created, compared to two-thirds during the last few years.
\nThe report, which draws on data compiled by Forbes, is timed to coincide with the kickoff of the annual World Economic Forum meeting in Davos, Switzerland, an elite\u00a0gathering\u2002of some of the wealthiest people and world leaders.
\nMeanwhile, many of the less fortunate are struggling. Some 1.7 billion workers live in countries where\u00a0inflation\u00a0is outpacing wages. And\u00a0poverty reduction\u00a0likely stalled last year after the number of global poor skyrocketed in 2020.
\n\u201cWhile ordinary people are making daily sacrifices on essentials like food, the super-rich have outdone even their wildest dreams,\u201d said Gabriela Bucher, executive director of Oxfam International. \u201cJust two years in, this decade is shaping up to be the best yet for billionaires \u2014 a roaring \u201920s boom for the world\u2019s richest.\u201d<\/p>\n