How Global Catastrophe Has Only Made Billionaires Richer

It seems nothing can hurt the world's billionaires, not the worst pandemic in a century or a global recession. On this week's podcast, New York-based reporter Augusta Saraiva shares how the wealthiest only added to their fortunes as Covid-19 killed millions and flattened economies. Indeed, the super-rich accumulated $4.1 trillion just as 100 million of the planet's less fortunate fell into extreme poverty, according to estimates by the World Bank. Two years into the pandemic, some 2,750 billionaires now control 3.5% of the world's wealth -- almost double the holdings of the planet's poorest 50%, according to the Paris-based Global Inequality Lab. For those whose holdings don't reach ten figures but must still buy holiday gifts, Hong Kong-based economy reporter Enda Curran reports on the run-up in toy prices. He visits the maker of the Mighty Megasaur Megahunter T-Rex, who warns that consumers will shell out as much as 20% more this year because of the supply chain pinch. And finally, we provide a double dose of German politics as Chancellor Angela Merkel steps down following 16 years in office. Berlin-based producer Aggi Cantrill reports from the German parliament while Holger Schmieding, chief economist at Berenberg Bank, explains why Germany's smooth transition of power is so different from the kind of rancor that has befallen the U.K. and U.S. See omnystudio.com/listener for privacy information.