10% of world population accounts 90℅ of wealth in 2021 – Rewane

The level of inequality which has spanned through many economies over the years, has again replicated itself with 10 per cent of world population accounting for 90 per cent of total wealth in 2021, Bismarck Reward, Chief Executive Officer (CEO) of Financial Derivatives Company (FDC) Limited has said.

Rewane who quoted Oxfam, said 63 per cent, that is about , $26 trillion of the newly created wealth between 2020 and 2021 was amassed by the top one per cent. 

“The next nine per cent had 27 per cent or $11 trillion, while the bottom 90 per cent was left with only 10 per cent or $5 trillion. For every dollar the bottom 90 per cent have gained since 2020, billionaires have gained $1.7 million”, said Rewane in its FDC bi-monthly publication.

Rewane said, it feels like 2008/2009 all over again. 

“Maybe even worse. From a pandemic to rising geopolitical tensions, bank collapses, aggressive monetary policy tightening and a global economic slowdown, the world has not caught a break since 2020. And neither have Nigerians, as 2023 started off with one of the toughest elections since 1999.

“But elections aside, Nigeria has many other macroeconomic and structural problems that need to be addressed”, said Rewane.

He said, “manufacturing is one of these problems, as it is key to unlocking productivity, bigger export revenues and sustainable development. However, Nigeria is far from achieving its much-desired level of industrialization, as stated in the National Development Plan 2021–2025. 

“Past industrial policies have been inefficient due to poor investment in infrastructure and low implementation of policies, leading to a decline in the sector’s contribution to GDP to 8.4 per cent from 20 per cent in the 1990s. For Nigeria’s industrialization to be successful, policymakers need to encourage foreign investment, push for a diversified economy, and implement comprehensive industrial policies.”

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