The pandemic has widened the wealth gap. Should central banks be blamed?

THE GLOBAL financial crisis of 2007-09 was socially divisive as well as economically destructive. It inspired a resentful backlash, exemplified by America’s Tea Party. That crisis at least had the tact to spread financial pain across the rich as well as the poor, however. The share of global wealth held by the top “one percent” actually fell in 2008. The pandemic has been different. Amid all the misery and mortality, the number of millionaires rose last year by 5.2m to over 56m, according to the published by Credit Suisse, a bank. The one percent increased their share of wealth to 45%, a percentage point higher than in 2019.