Home News Billionaires’ Wealth Rises To $10.2 Trillion Amid Coronavirus Crisis

Billionaires’ Wealth Rises To $10.2 Trillion Amid Coronavirus Crisis

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Billionaires' Wealth Rises To $10.2 Trillion Amid Coronavirus CrisisPA Images

Over the span of the coronavirus catastrophe, the planet ’s billionaires have seen their fortunes skyrocket to $10.2 billion.

Earlier findings from the Institute for Policy Studies’ Billionaire Bonanza report found that the United States’ 645 weakest people, including Jeff Bezos, Elon Musk, Bill Gates and Mark Zuckerberg, gathered $845 billion because the pandemic took full grip in March.

It’s been a frequent thread of their past seven months; the poorest have been struck hard by unemployment, and together with all the UK and New Zealand both recently entering a downturn, although the richest boost their riches. Combined, they’re worth trillions of bucks.

Elon MuskPA Images

As per The Guardian, a fresh report from Swiss bank UBS supplied some eye-watering results. Between April and July — possibly the peak of the outbreak, where people were fighting most under government schemes and redundancies — billionaires increased their prosperity by 27.5%. There’s also more billionaires across the Earth, up from 2,158 in 2017 to 2,189 now.

UBS explained that although the stock markets suffered a slump, the planet ’s rich record betted on it rebounding that, subsequently, catapulted their fortunes. By having ‘the gut ’ to buy shares when markets were crashing, their prosperity has struck ‘a brand new high’, surpassing the previous peak of $8.9 trillion in 2017.

Mark ZuckerbergPA Images

Josef Stadler, head of UBS’s global family office department, said the entire world ’s richest individuals have a ‘major hazard appetite’, including: ‘Billionaires did exceptionally well during the COVID-19 crisis, not only [did] they trip the storm to the downside, but also gained up to the upside. ’

At the top of Bloomberg‘s Billionaires Index will be Amazon chief Bezos with a fortune of $183 billion, appreciating an increase of 68.4 billion this year alone thanks to the uptick in stay-at-home ecommerce.

Amazon boss Jeff BezosPA Images

Second is currently Gates with $123 billion, together with Musk in second with $101 billion. The Tesla CEO’s road to centibillionaire status has been somewhat bumpy, with his fortune briefly taking a huge drop of 16,3 billion before regaining shortly after.

Luke Hilyard, executive director of excessive pay thinktank High Pay Centre, clarified ‘extreme wealth concentration’ because ‘an unpleasant phenomenon from a moral perspective, but it’s also economically and socially destructive’.

Elon MuskPA Images

He continued: 

Billionaire riches equates to a fortune almost not possible to invest over several lifetimes of absolute luxury. Anyone accumulating riches on this scale could easily afford to boost the pay of their employees who create their riches, or donate a wonderful deal more in taxes to support critical public services, even while remaining quite well rewarded for all successes theyrsquo;ve attained.

Hilyard added that the UBS report indicates ‘capitalism isn’t functioning as it should’. At some stage in the future, Stadler warned the polarity between wealthy and poor could lead to some political and general uprising. ‘Is there some risk they could be singled out from society? Yes. Are they aware of it? Yes, even ’ he said.

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