Reporting and opinion by Mathew Carr
April 21-22, 2015 — Maybe overall inequality is trending down as the poorest are brought out of extreme poverty, but billionaires so far ignored the call by stroke-victim Pope Francis to REALLY narrow the gap since he started in that role in 2013.
While global inequality between countries has gone down, inequality within countries has mostly risen.
Wealth has become increasingly concentrated in the hands of the richest individuals—billionaires saw massive wealth gains, especially during the pandemic, while many other ordinary folks faced job losses and insecurity….or having to work several jobs.
Growth in Billionaire Wealth (2013–2024) (ChatGPT)
Total Net Worth: Billionaires’ combined wealth surged from approximately $5.4 trillion in 2013 to $14.2 trillion in 2024, marking a 121% increase over the decade.
Comparison with Global Equities: During the same period, the MSCI AC World Index, which tracks global equities, rose by 73%, indicating that billionaire wealth grew at a significantly faster pace than the broader market.
Pope Francis was born in Buenos Aires, Argentina on December 17, 1936. His birth name is Jorge Mario Bergoglio. He is the first pope from the Americas, the first Jesuit pope, and the first non-European pope in over 1,200 years.
Chat GPT:
Since Pope Francis became pope in 2013, global inequality has seen some complex and mixed trends. Here’s a breakdown of what’s happened since then:
1. Global Income Inequality (Between Countries)
Decreased overall: The gap between average incomes in rich and poor countries has narrowed somewhat. This is largely due to rapid economic growth in countries like China, India, and others in Asia and Africa. However, progress has slowed down in recent years, especially due to the effects of the COVID-19 pandemic, inflation, and global economic instability.
2. Within-Country Inequality
Increased or stayed high in many countries. While global inequality between countries has gone down, inequality within countries has often risen. Wealth has become increasingly concentrated in the hands of the richest individuals—billionaires saw massive wealth gains, especially during the pandemic, while many others faced job losses and insecurity.
3. COVID-19’s Impact (2020 Onward)
The pandemic exacerbated inequality both globally and within nations. Poorer countries struggled to access vaccines and aid. Low-income workers were hit hardest by job losses. Wealthy individuals and tech companies often benefited or even thrived.
4. Climate and Inequality
The effects of climate change have begun to widen inequality, hitting poorer and vulnerable communities the hardest, especially in the Global South.
5. Pope Francis’s Response
Pope Francis has been very vocal about inequality, especially criticizing unregulated capitalism, calling for economic justice, and pushing for solidarity with the poor in many of his speeches and encyclicals, like Laudato Si’ and Fratelli Tutti.
CarrZee: …. yet he didn’t really move the dial for the poor.
He tried, too, on climate, and pretty much failed so far.
The Catholic Church seems too entrenched in the establishment to force, or even effectively promote, the change in market rules around the world that’s required to make the world shift toward true Christian values and the protection of God’s creations.
The papers
https://news.sky.com/story/tuesdays-national-newspaper-front-pages-12427754
