Business

The wealth of markets is not the wealth of nations

While Brazil's stock market enjoys an impressive recovery amid the pandemic, these improvements have not been reflected on the wider economy

stock markets wealth
Image: André Chiavassa/TBR

Last week, international charity Oxfam released a report designed to shock readers, stating that Brazilian billionaires increased their net worth by USD 34 billion during the Covid-19 pandemic. Their basis for this conclusion was that the financial health of the country’s richest individuals is significantly dictated by variable income, such as stocks, and markets have rallied despite the economic hardships countries are facing.

The report, however, was questioned by several economists — who accused the NGO of skewing the data to further its own agenda. Carlos Góes, a former International Monetary Fund (IMF) economist, poked several holes in the...

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