Rising Number of Global Millionaires Highlights the Disparity Between Rich and Poor

Video Credit: Wibbitz Top Stories
Published on September 22, 2022 - Duration: 01:30s

Rising Number of Global Millionaires Highlights the Disparity Between Rich and Poor

Rising Number of Global Millionaires , Highlights the Disparity , Between Rich and Poor.

As most of the world grapples with rising inflation and the looming threat of a recession, , the rich just keep getting richer.

As most of the world grapples with rising inflation and the looming threat of a recession, , the rich just keep getting richer.

'Business Insider' reports that 5.2 million new millionaires were made globally in 2021.

According to Credit Suisse's annual wealth report, 2.5 million of those new millionaires were in the United States.

The September 20 report marks the , "largest increase in millionaire numbers recorded for any country in any year this century and reinforces the rapid rise in millionaire numbers seen in the United States since 2016." .

The Economic Policy Institute coined the term "quiet fleecing" to refer to decades of stagnant wage growth in the U.S. despite higher productivity and cost of living.

The Economic Policy Institute coined the term "quiet fleecing" to refer to decades of stagnant wage growth in the U.S. despite higher productivity and cost of living.

For decades, wages have failed to keep up with the rising cost of healthcare, housing and food.

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Meanwhile, in 2020, CEOs were paid over 350 times more than the typical worker.

According to the Credit Suisse report, the one percent's share of global wealth increased for the second consecutive year in 2021, rising 45.6%.

At the same time, the Federal Reserve and central banks around the world are raising interest rates and threatening a recession that would only exacerbate the global disparity between rich and poor.

It is inexcusable, bordering on dangerous for the Fed to be raising rates so aggressively.

Is 4 percentage points on U.S. core inflation really worth destabilizing Europe and pushing us into a global recession?

No, it is not, Claudia Sahm, Former Fed economist, via Twitter


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