Pandemic only unleashes inequality between the rich and the poor.

The United States was the lead of the world in financial asset growth last year thanks to tax cuts and a boom in the stock market, but the distribution of wealth was more unequal than any other country. 

According to the annual tally which Allianz, the German insurer which holds world stocks, bonds, cash and other assets, showed that poor countries are no longer able to follow the wealth of advanced countries. For the first time since 2000, the number of people considered middle class worldwide has declined when measured by their financial holdings. 

And the world's super rich are becoming more and more rich. The top 1% own 44% of their financial assets, and their shares are increasing. “The super rich do indeed seem to be moving further and further away from the rest of society,” the Allianz study said. 

The pandemic only exacerbates the gap between the poor and the poor. The decline in global trade will be the biggest obstacle to developing countries, and the poor suffer more from the burden on the health care system and public schools. 

Assets per capita in the United States increased by more than 13% in 2019 to $245,000. The United States was ahead of Switzerland and Singapore in per capita.

Source : NYT

https://www.nytimes.com/2020/09/23/business/united-states-is-the-richest-country-in-the-world-and-it-has-the-biggest-wealth-gap.html