2 months ago

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

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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. .
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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