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The sneaky, dishonest trick that articles like that one use is that although share prices - and with them the wealth of the worlds' richest - dropped massively
by makomk 4y ago
The sneaky, dishonest trick that articles like that one use is that although share prices - and with them the wealth of the worlds' richest - dropped massively when the pandemic hit, this mostly happened before it was officially declared a pandemic and before everyone started taking a hit to their income from it. In general the stock market is a leading indicator that reflects what the actual economy that makes stuff and pays people's wages is expected to be like over the next few years. So articles like this are measuring from the bottom of the pandemic dip and pretending that it's new wealth that the richest have gotten, and also taking advantage of that time delay to make it seem like they're benefiting from the rest of us getting poorer when in reality it caused a massive drop in their wealth.