OxFam Report: Top 1% Economic Elite Gobbled Up Two-Thirds of New Wealth Creation Since 2020

The pandemic was brutal for mom-and-pop economics; in the first year of lockdowns in the U.S. alone, 200,000 extra (mostly small) businesses went under while Amazon and Walmart remained open thanks to cozy relationships with the political class.

According to a recently released report from Oxfam, this disparity in lockdown enforcement, coupled with other factors, produced predictable results:

The scale of wealth being accumulated by those at the top, already at record levels, has accelerated… Since 2020, according to Oxfam analysis of Credit Suisse Data… the richest 1% have captured almost two-thirds of all new wealth. This is six times more than the bottom 90% of humanity. Since 2020, for every dollar of new global wealth gained by someone in the bottom 90%, one of the world’s billionaires has gained $1.7m.– READ MORE