Irish Examiner view: Inequality thrives in a post-Covid world

Credit Suisse CEO Thomas Gottstein.

One of the refrains from conspiracy theorists who believed Covid was deliberately unleashed upon the world, was that its purpose was to establish a “reset”, which cemented the privilege and the wealth of a small, very small, elite.

And it is difficult to argue when we see the number of global “ultra-high net worth” individuals has hit a record. Credit Suisse, says the number of those with assets exceeding $50m (€52m) sits at 218,200.

These people have seen their wealth boom from soaring house prices and expanding stock markets. This social bracket, 0.00004% of the world’s adult population, has increased by over 50% in two years.

In a masterpiece of understatement Credit Suisse says that there has been an “increase in inequality.” One of the authors of its report notes the increase in wealth is higher than ever recorded.

The US is home to 24.5m millionaires, or 39% of the world’s total. China is in second place, with 10% of the world’s millionaires, ahead of Japan with 5.4%, Britain (4.6%), and France (4.5%). Who says that good news is in short supply?