US and China lead explosion in billionaires, yet US jobless claims surge

2020 saw a big jump in the number of billionaires and super-wealthy people, with Asia seeing especially high increases, yet, last week, jobless claims surged in the US. There has to be a fix, probably involving significant tax structure changes, or there will be problems ahead.

The news that the pandemic led to an increase in inequality won’t come as a shock. We see the trend continuing post-Covid, with China expected to see a 240 per cent increase in the number of billionaires between now and 2025.