The Widening Wealth Gap: A Global Analysis from 2019 to 2024

The widening wealth gap translates into unparalleled control over global systems.

The disparity between the ultra-rich and the rest of society has grown to staggering proportions over the past five years. From the structural impacts of the COVID-19 pandemic to the centralisation of money, power, and influence, the years since 2019 have underscored how the wealthy have fortified their dominance while economic vulnerabilities have deepened for billions. A plethora of real conspiracies actually occurred during the pandemic and many of these are being exposed. In this context it is important to consider how the widening wealth gap translates into unparalleled control over global systems and a dystopian society.

A Quantitative Overview of Wealth Inequality

Pre-Pandemic Trends

In 2019, wealth inequality was already a pressing issue. The richest 1% controlled 44% of the world's wealth, according to Credit Suisse. However, while wealth concentration was rising steadily, the pace was moderate compared to what was to follow.

The Pandemic Effect

The COVID-19 pandemic acted as a catalyst for wealth accumulation among the ultra-rich. Billionaires collectively increased their wealth by $3.9 trillion during the pandemic, as reported by Oxfam. By contrast, the World Bank estimates that up to 500 million people were pushed into poverty during the same period, subsisting on less than $5.50 a day. This stark dichotomy was the result of global economic shutdowns that decimated informal labor markets and small businesses while simultaneously inflating the value of assets like stocks and real estate—sectors predominantly controlled by the wealthiest.

Post-Pandemic Consolidation

By 2023, the richest 1% owned 47.5% of global wealth, and billionaires are collectively earning an estimated $2.7 billion per day. Just 10 billionaires own more than 200 million African women own combined.

The rise in inequality was not limited to wealth distribution. Income and health disparities also grew. Wages for low- and middle-income workers stagnated or declined in real terms, even as corporate profits soared. And the poorest countries are spending 4 times more repaying debts than on health care

Mechanisms of Centralised Wealth

Financial Market Domination

Ultra-wealthy individuals and corporations capitalised on low-interest rates and quantitative easing (money printing) measures introduced by central banks during the pandemic. These policies inflated asset prices, benefiting those with significant investments in equities, bonds, and real estate. For instance, technology stocks surged during the pandemic as remote work and digital services became essential, further enriching tech billionaires.

Corporate Monopolisation

The pandemic led to a wave of consolidations, with larger corporations acquiring struggling smaller firms. Industries such as e-commerce, pharmaceuticals, and technology saw the most significant centralisation. Companies like Amazon, Google, and Pfizer expanded their market dominance, using their resources to outlast or absorb competitors.

Tax Avoidance

Tax policies around the world have remained skewed in favor of the wealthy. Multinational corporations and billionaires continue to exploit loopholes and tax havens, depriving governments of revenue needed for public services. The OECD’s global minimum corporate tax initiative, introduced in 2021, has had limited impact, with compliance and enforcement issues diluting its potential.

The Interplay of Wealth, Power, and Influence

Political Influence

As wealth becomes increasingly concentrated, so does political power. Ultra-rich individuals and corporations wield disproportionate influence over policymaking, often lobbying for regulations that protect their interests. For example, during the pandemic, corporate lobbying ensured favorable stimulus packages and limited restrictions on industries such as finance and real estate.

In the United States, the role of money in politics is evident in campaign financing. The 2020 U.S. presidential election saw record-breaking political contributions, much of it from wealthy donors and corporate entities. This dynamic is not unique to the U.S.; around the world, oligarchic systems have gained strength, with moneyed elites exerting control over key sectors of governance.

Media Control

The wealthy have also consolidated their hold over global media narratives. Major news outlets are often owned by billionaires or large corporations, shaping public discourse in ways that align with their interests. This centralisation of media power limits the diversity of perspectives and reinforces existing hierarchies.

Philanthropy as Influence

Philanthropy, while often seen as altruistic, has also become a tool for the ultra-rich to exert influence. Through foundations and charitable initiatives, billionaires direct resources toward causes of their choosing, often bypassing democratic processes. While this funding can address critical issues, it also raises questions about accountability and the concentration of decision-making power.

Social and Economic Consequences

Erosion of the Middle Class

The growing disparity between rich and poor has contributed to the decline of the middle class in many regions. Rising costs of living, stagnating wages, and limited social mobility have left middle-income families struggling to maintain their economic status. This trend undermines social cohesion and political stability.

Impact on Developing Economies

In developing nations, wealth concentration has exacerbated existing inequalities. Pandemic-related economic disruptions disproportionately affected low-income countries, which lacked the fiscal resources to implement robust recovery measures. Meanwhile, global corporations extracted wealth from these regions through resource exploitation and profit repatriation.

Public Health and Education

Inequality has tangible effects on public health and education systems. Underfunded healthcare and schools in poorer regions contrast sharply with the privatised, high-quality services available to the wealthy. This disparity perpetuates cycles of poverty and limits opportunities for upward mobility.

Historical Context

The period from 2019 to 2024 represents an acceleration of trends that began in the 1980s. The economic policies of that era—characterised by deregulation, privatization, and tax cuts for the wealthy—set the stage for the current concentration of wealth and power. However, the scale and speed of inequality growth in recent years are unprecedented.

Unlike past economic crises, such as the Great Recession of 2008, the COVID-19 pandemic disproportionately benefited the wealthy even as it devastated lower-income groups. This divergence highlights the inadequacy of existing economic systems to address global crises equitably.

Addressing the Inequality Crisis

To counteract rising inequality, monopolies must be regulated by enforcing existing antitrust laws to curb corporate dominance and promote competition. This is challenging given the fact that power has already highly centralised, necessitating the rich and powerful to regulate themselves, which is unlikely to happen.

Grassroots movements, advocacy groups and independent media play a crucial role in challenging inequality. By amplifying marginalised voices and holding powerful entities accountable, these organisations can push for systemic change. The challenge here comes from censorship. Maintaining freedom of speech is essential if the further centralisation of power and wealth is to be avoided.

Addressing this crisis requires bold, transformative policies and a commitment to equity at all levels of society. Without such measures, the world risks perpetuating a cycle of inequality that undermines social stability and economic progress for future generations.