The income gap in Japan remains near a record high, with the pandemic having a significant impact on temporary workers, according to a government survey conducted in 2021.
The coronavirus pandemic and rising cost of living have pushed nearly 70 million more people in developing Asia into extreme poverty, according to a report from the Asian Development Bank, which highlights the negative impact on poverty reduction efforts in the region.
Hong Kong's ultra-wealthy population decreased by 23% in 2022, while New York and Singapore saw growth, according to a report by Altrata, with China's Covid-19 restrictions, economic slowdown, geopolitical issues, and equities slump cited as reasons for the decline. However, Altrata predicts that the global super-rich population will rebound by 2027, reaching 528,100 individuals with a net worth of $60.3 trillion.
China's middle class, which has grown significantly in the 21st century, is facing challenges as social mobility stalls and the gap between the wealthy and the rest of society widens, leading many to question if China's economic rise is coming to an end.
The number of ultra wealthy individuals worldwide decreased by 5.4 percent last year, and their combined net worth fell by 5.5 percent to $45.4 trillion, with Asia experiencing the largest decline due to China's Covid policies and the war in Ukraine.
Hong Kong has dropped to 16th place in attracting and nurturing talent, hindered by high living costs and a brain drain, with Singapore surpassing it in a global study by a Swiss-based business school.
The UK's inflation-fueled cost-of-living crisis is predicted to increase premature deaths and widen the wealth-health gap, with the most deprived households experiencing four times the number of extra deaths compared to the wealthiest households, according to a study published in BMJ Public Health.
The rising cost of living in Ghana, fueled by inflation and economic crisis, is pushing more people into poverty and exacerbating inequality, with low-income households spending over half their earnings on food and informal workers receiving little support, despite being essential workers during the COVID-19 pandemic. The government's failure to implement sustainable reforms and its underinvestment in social protections have contributed to the worsening crisis.
Hong Kong's economy has shown steady improvement since the beginning of the year, with consumer spending reaching 90% of pre-pandemic levels and an increase in the number of European firms opening offices in the city, according to Financial Secretary Paul Chan Mo-po. However, he also highlighted that external factors such as high US interest rates and global geopolitics would continue to influence the city's relatively small economy.
The richest Americans are seeing their share of wealth and income increase despite expectations that the pandemic might narrow the wealth gap, with the top 1% holding roughly 26.5% of household net worth and the share of income going to the top 5% growing. On the other hand, the bottom 40% has seen a smaller slice of the pie even as their net worth has risen.
