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Mapping Global Income Support During COVID-19

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Mapping Global Income Support During COVID-19

Income loss has impacted many during the COVID-19 pandemic. Unemployment, reduced hours, office closures, and business shutdowns have prompted the need for mass income support.

Globally, income from work fell $3.5 trillion in the first nine months of 2020, a change of -10.7% compared to the same period in 2019.

In the above map, Our World in Data reveals the different levels of income support provided by governments across the globe.

Income support, in this case, is defined as governments broadly covering lost salaries, or providing universal basic income or direct payments to people who have lost their jobs or cannot work. Levels of income support are changing over time.

Small Government

Many world governments have provided no support when it comes to a universally applicable scheme to cover lost income in their countries.

Examples: (as of January 25th, 2021)

  • 🇻🇪 Venezuela
  • 🇸🇾 Syria
  • 🇧🇾 Belarus
  • 🇧🇩 Bangladesh
  • 🇰🇭 Cambodia

The majority of the governments providing no support are in low to lower-middle income countries. Based on a recent report from the International Labour Organization (ILO), lower-middle income countries have also seen the highest income losses, reaching 15.1% since 2019.

Developing countries tend to experience a significant fiscal stimulus gap, in which they do not have the capacity to cushion lost income or lost jobs. In fact, it’s estimated by the ILO that low and lower-middle income countries would need to inject an additional $982 billion into their economies to reach the same level of fiscal stimulus as high income countries.

A Helping Hand

There are other governments that are giving out some help on a wide-scale basis, providing citizens less than 50% of their lost salaries:

Examples: (as of January 25th, 2021)

  • 🇿🇦 South Africa
  • 🇨🇳 China
  • 🇷🇺 Russia
  • 🇹🇭 Thailand
  • 🇦🇺 Australia

South Africa’s unemployment rate was the highest in the world at 37.0% in 2020, an increase from 28.7% in 2019. Despite having one of the strictest lockdowns, the country has not been able to slow rising case counts or job losses. Now, South Africa is facing another threat, as a new strain of the novel coronavirus has taken hold in the nation.

The Most Supportive Governments

Finally, many world governments have offered higher amounts of income support, providing citizens with more than 50% of lost income:

Examples: (as of January 25th, 2021)

  • 🇨🇦 Canada
  • 🇺🇸 United States
  • 🇬🇧 United Kingdom
  • 🇪🇸 Spain
  • 🇸🇦 Saudi Arabia

Regionally, it’s the Americas that have been hit the hardest, according to the ILO. The region experienced a 12.1% drop in labor income in 2020 compared to 2019, revealing the need for broad-based income support.

U.S. unemployment went from 3.7% to 8.9% between 2019 and 2020. While the American government initially provided support in the form of the CARES Act, the policy response was recently extended through the more recent $900 billion relief deal.

Income Support Post COVID-19

While some countries have not been in extreme need of income support, others have been and haven’t received it. When looking at demographics, the hardest hit workers have been temporary workers, migrant workers, care workers, and self-employed vendors who have no labor contracts or employment insurance.

As a result, some critics have used this as an opportunity to call for universal basic income (UBI). A three-year study is already being implemented in Germany, for example, to test out how effective this kind of income support would be in the post-pandemic period.

Today, however, income is not a guarantee, and while in 2021 things may be returning to ‘normal,’ that does not mean that income levels will go back to normal.

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The Wealthiest People in the World, Outside of America

This graphic shows the wealthiest people in the world that live in countries either than America, from luxury moguls to India’s titans.

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The Wealthiest People in the World, Outside of America

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Today, nine of the top 10 wealthiest people in the world are American, largely due to fortunes in big tech—but looking beyond U.S. borders tells a different story.

In Asia, people in the highest echelons of wealth are energy and industrial titans, while the richest in Europe run luxury conglomerates and major consumer firms. Many of these companies are well known globally, and several are only known within their region.

This graphic shows the richest people that live outside of America, based on data from Bloomberg.

The World’s Richest: A Global Perspective

Here are the wealthiest non-American people in the world as of January 2024:

RankNameCountryNet Worth
Jan 2024
1Bernard Arnault🇫🇷 France$183B
2Mukesh Ambani🇮🇳 India$108B
3Carlos Slim🇲🇽 Mexico$101B
4Françoise Bettencourt Meyers🇫🇷 France$97B
5Gautam Adani🇮🇳 India$96B
6Amancio Ortega🇪🇸 Spain$85B
7Zhong Shanshan🇨🇳 China$62B
8Gerard Wertheimer🇫🇷 France$47B

France’s Bernard Arnault, with a net worth of $183 billion, is the world’s richest person thanks to the success of LVMH, the luxury conglomerate he runs.

With brands including Louis Vuitton, Fendi, and Christian Dior, LVMH is among the largest public companies in Europe, reaching a $444 billion valuation in 2024. Last year, the company witnessed record revenues driven by sales in its fashion and leather divisions.

Latin America’s richest person is Carlos Slim, with a fortune of $101 billion. Slim’s net worth is equal to nearly 8% of Mexico’s GDP. His wealth is largely derived from his ownership of América Móvil, Latin America’s largest mobile-phone operator, as well as his conglomerate, Grupo Carso.

The world’s richest woman is Françoise Bettencourt Meyers, also from France. According to Bloomberg, Bettencourt Meyers’ controls one-third of L’Oreal, and is the chairwoman of her family’s private equity firm, Tethys Investments.

As China’s richest person, Zhong Shanshan is chairman of bottled water company, Nongfu Spring. The company is listed on the Stock Exchange of Hong Kong, where it raised $1.1 billion from its 2020 IPO. He is also involved with Beijing Wantai Biological Pharmacy Enterprise, a producer of vaccines.

While the richest people in America are heavily concentrated in tech, not one on this list derives the majority of their wealth from the sector, illustrating a clear departure from this trend.

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