CIUP-Universidad del Pacífico

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The number of super-wealthy—those with a fortune of US$1,000 million or more, as reported by Forbes—has been growing over time in our region, just as it has in the entire world. Between 2000 y 2021, these fortunes increased threefold, from an equivalent of 5.4% to 15.4% of world production. Even in the international financial crisis of 2008-2009, the numbers kept increasing in Latin America, even though there was a slight decline worldwide.

During the pandemic, the fortunes of these billionaires continued to grow. In the year 2000, only 538 individuals were considered super-wealthy in the entire world, while in March 2021, that number had exploded to 2,755. Just between 2019 and 2021, the number of billionaires increased from 2,095 to 2,755 individuals (an increase of 31.5%). Likewise, the value of their wealth increased from 9.1% of the worldwide Gross Domestic Product (GDP) in 2019 to 15.4% in 2021 when overall worldwide production and income decreased 4% in 2020 in the context of the pandemic. We should not forget that alongside that spectacular growth, poverty, unemployment and labor instability increased throughout the world.

Concentration of Wealth in Latin America in Times of Covid-19