Yes, inequality goes up, but standards of living for the poorest also go up, the number of people in poverty goes down and most benefit is seen for people in the undeveloped economies. US population didn't decrease poverty rate in the last 4 decades, but that's because US rate was already very low.

What is happening here is enrichment by technological transfer. You can't copy research money but you can copy good ideas and buy the latest technology directly.

https://i.imgur.com/QFPRlYe.png

Increases in the standard of living are providing marginal gains to happiness. Happiness correlates with equality, not with income. https://pubmed.ncbi.nlm.nih.gov/21841151/