The share of wealth held by the richest 1% in countries like the United States, China, Brazil and India has jumped in the fallout from the pandemic, fueled by efforts to curb the effects of the pandemic. virus, according to Credit Suisse Group AG.

The rich in Brazil increased their share by 2.7% last year to account for nearly 50% of the country’s wealth, most of the 10 countries cited in the Swiss bank’s Global Wealth Report released on Tuesday.

The richest 1% in eight of the 10 countries increased their share of wealth last year, mainly due to interest rate cuts in the wake of the COVID-19 outbreak, Credit Suisse said in a report Tuesday.

The report highlighted the rapid gains in wealth across the world – the richest 500 people in the world added US $ 1.8 trillion to their combined net worth last year, according to the Bloomberg Billionaires Index – but also growing disparities.

“Major wealth groups are relatively unaffected by reductions in the overall level of economic activity and, more importantly, they have also benefited from the impact of lower interest rates on stock prices and housing prices, ”the report says.

The Gini coefficient – a larger measure of inequality that captures changes at both ends of the spectrum – increased in 2020 in all 10 countries selected for the study, except the United States, where it declined slightly, Credit Suisse said. . Global household wealth stood at $ 418 trillion at the end of 2020, up 7.4% from 12 months earlier, he added.

The rapid creation of wealth, inequalities and public deficits are pushing movements all over the world to tax the rich.

US President Joe Biden is seeking to raise taxes on capital gains and the amounts rich heirs pay when they inherit assets. An independent British commission in December called for a one-time wealth levy to raise around 260 billion pounds ($ 361 billion), while other countries, including Argentina and Bolivia, have already raised funds. last year through measures targeting the rich.

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