(Bloomberg) – The share of wealth held by the richest 1% in countries like the United States, China, Brazil and India soared in the wake of the pandemic, fueled by efforts to curb the effects of the virus, according to Credit Suisse Group AG. The rich in Brazil increased their share by 2.7% last year, constituting almost 50% of the country’s wealth, the largest share of the 10 countries cited in the Swiss bank’s world wealth report, posted on Tuesday.
The richest 1% of eight of the 10 countries increased their share of wealth last year, mainly due to interest rate cuts following the covid-19 outbreak, Credit Suisse said in a report on Tuesday.
The report not only highlighted the rapid rise in fortunes around the world – the world’s 500 richest people added $ 1.8 trillion to their combined net worth last year, according to the Bloomberg Billionaires Index – but also growing disparities.
“The richest groups have not been relatively affected by the reduction in the general level of economic activity and, more importantly, they have also benefited from the impact of lower interest rates on the prices of stocks and shares. housing ”, indicates the report.
The Gini coefficient, a broader measure of inequality that captures changes at both ends of the spectrum, rose during 2020 in all 10 nations selected for the study, except for the US, where it fell marginally, Credit Suisse said. Global household wealth amounted to $ 418 trillion at the end of 2020, an increase of 7.4% over the previous 12 months, it added.
Rapid wealth creation, inequality, and government deficits are fueling initiatives around the world to tax the rich.
US President Joe Biden is trying to increase taxes on capital gains and the amounts that wealthy heirs pay when they inherit assets. In December, an independent UK commission proposed a one-time wealth tax to raise around 260 billion pounds ($ 361 billion), while other nations, such as Argentina and Bolivia, have already raised funds last year from measures aimed at the wealthy.
Nota Original:Where the World’s Richest 1% Are Gaining Wealth Fastest
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