'The insane reality is that whilst billions face a daily struggle to survive during this pandemic, billionaire wealth is spiraling out of control. This cannot be right.'
of wealth inequality—which has only gotten worse during the ongoing Covid-19 crisis.
Chuck Collins, co-author of the new report and director of the Program on Inequality and the Common Good at IPS, said Tuesday that"wealth inequality has been supercharged by the pandemic, creating an unprecedented global concentration of wealth and power." In the United States alone, the new report notes, there are over 1.43 million individuals with fortunes of $5 million or more and 740 billionaires with combined wealth totaling $5.1 trillion—up roughly $2 trillion since the start of the coronavirus pandemic.
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