according to a shocking analysis that is urging world leaders to act. The report argues that unless action is taken to restore balance, the continued accumulation of wealth among a very limited segment of the wealthy will increase distrust and discontent over the next decade.
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According to alarming projections published by the British House of Commons Library, if the trend that began with the 2008 financial crisis continues, the share of the world\’s wealthy will account for 64% of global wealth by 2030, even if another financial crisis occurs and their assets are monitored over time This is said to be the case. Even then, they would control more than half of the world\’s wealth. [Since 2008, the wealth of the richest 1% of the population has increased at an average annual rate of 6%, far exceeding the 3% average increase in wealth of the remaining 99% of the world\’s population. If this trend continues, the wealth of the 1% richest will be $305 trillion, compared to approximately $140 trillion today.
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Analysts note that recent income inequality, rising savings rates among the wealthy, and the accumulation of assets have led to a concentration of wealth at the top of an imaginary pyramid. The wealthy have also invested large amounts of capital in corporations, stocks, and other financial assets, disproportionately benefiting from them.
George Freeman, a member of the British Conservative Party and former chairman of the Prime Minister\’s Policy Council, argues that humanity has never experienced income inequality as it does today, but living standards have also never risen so rapidly. Billions of people around the world are rising out of poverty faster than ever before in history. But the current global concentration of wealth, fueled by technological innovation and globalization, poses serious problems.