Since 1995, the slice held by billionaires has risen from one percent to three percent, according to the World Inequality Report. This increase was exacerbated during the Covid pandemic. In fact, 2020 marked the steepest increase in global billionaires.

Report calls for a “modest progressive wealth tax on global multimillionaires” in order to redistribute wealth.

Summary

PARIS: The share of global wealth of the world’s richest people soared at a record pace during the Covid pandemic, a report on inequality showed on Tuesday.
Since 1995, the slice held by billionaires has risen from one percent to three percent, according to the World Inequality Report.
In fact, 2020 marked the steepest increase in global billionaires’ share of wealth on record,” the document said.
Women’s share of total global income from work was less than 35 percent, up from near 30 percent in 1990 but short of parity with men.
The 228-page report, whose contributors include French economist Thomas Piketty, calls for a “modest progressive wealth tax on global multimillionaires” in order to redistribute wealth, along with measures to prevent tax evasion.