As workers ate lunch today, CEOs had already earned the equivalent of their annual salary
CanaryJAN 4 2024
Report: Global Billionaires' Wealth Tripled Growth Rate in 2024
Above: The neighborhood of Boa Viagem in Brazil, Oct. 09, 2016. Image copyright: Diego Herculano/NurPhoto via Getty Images
The Spin
Left narrative
The staggering acceleration of billionaire wealth — tripling its growth rate in 2024 compared to 2023 — paints a stark picture of our world's deepening divides. While five trillionaires are expected to emerge within a decade, billions remain trapped in poverty, a situation unchanged since 1990. This extreme concentration of wealth isn't earned: 60% of it comes from inheritance, cronyism, or monopoly power.
Right narrative
While headlines about accelerating billionaire-wealth growth grab attention, this high-profile critique reminds us to examine inequality statistics carefully. When factoring in often-omitted government transfers, tax impacts, and demographic shifts, the picture can change dramatically. Reports of extreme wealth concentration may benefit from scrutiny to ensure that policy decisions are based on complete data.