Davos Summit a Billionaire-Fest

 

The number of billionaires, and their accumulated wealth, on display at the World Economic Forum in Davos, Switzerland represents nothing less than a celebration of crony capitalism.

(From Bloomberg)

UBS and PwC Billionaires Insights reports show that global billionaire wealth has grown from $3.4 trillion in 2009 to $8.9 trillion in 2017.

Compensation for chief executive officers in America’s largest firms is now 312 times the annual average pay of the typical worker, compared with about 200 times in 2009, 58 times in 1989 and 20 times in 1965, according to a 2018 report by the Economic Policy Institute.