Last year, during the peak of the global pandemic, the world created more than seven hundred new billionaires. In the year since, another five hundred have been created — but the total wealth on the Forbes list has increased from $5 trillion to $13 trillion, the largest increase ever recorded in any one-year period. China topped the list for the highest number of new billionaires, with the United States coming in second.

Meanwhile, global GDP shrank by 3.3 percent in 2020 and unemployment rates are around 1.5 percentage points higher than they were before the pandemic in most economies. This doesn’t simply raise moral questions about the distribution of wealth during a pandemic — it requires us to ask exactly how those at the top are doing so well while demand in the global economy is so subdued.

The main reason for the explosion in billionaire wealth over the course of the pandemic has been the asset-purchasing programs undertaken by central banks. In the wake of the financial crisis, and following in the footsteps of the Bank of Japan after its crisis a decade earlier, central banks set about creating new money to purchase long-dated government bonds and some other assets in order to reduce yields (previously, they had primarily dealt in short-dated bonds as a way to influence interest rates).