Jeff Bezos, head of Amazon, can be seen on the fringes of the company`s novelties event. Washington Post owner Jeff Bezos tells Jamal Khashoggi`s fiancee Hatice Cengiz:Andrej Sokolow/dpa - Archivo
The wealth of the world’s billionaires has been rising during the ongoing pandemic up to a record high of $10.2trln.
According to a report from UBS, the super-rich increased their fortunes by 27.5% from April to July despite market turmoil.
In contrast to the millions of people around the world who have lost their jobs and are getting by thanks to government schemes, billionaires had mostly benefited from betting on the recovery of global stock markets.
UBS said billionaires’ wealth had hit “a new high” after it broke its previous record of $8.9trln reached at the end of 2017. The number of billionaires has also hit a new high of 2,189, up from 2,158 in 2017.
Josef Stadler, the head of UBS’s global family office said: “Billionaires did extremely well during the Covid crisis, not only [did] they ride the storm to the downside, but also gained up on the upside [as stock markets rebounded].”
Stadler said billionaires typically have “significant risk appetite” and were confident to gamble some of their considerable fortunes.
The wealth of the world’s billionaires has been rising during the ongoing pandemic up to a record high of $10.2trln.
According to a report from UBS, the super-rich increased their fortunes by 27.5% from April to July despite market turmoil.
In contrast to the millions of people around the world who have lost their jobs and are getting by thanks to government schemes, billionaires had mostly benefited from betting on the recovery of global stock markets.
UBS said billionaires’ wealth had hit “a new high” after it broke its previous record of $8.9trln reached at the end of 2017. The number of billionaires has also hit a new high of 2,189, up from 2,158 in 2017.
Josef Stadler, the head of UBS’s global family office said: “Billionaires did extremely well during the Covid crisis, not only [did] they ride the storm to the downside, but also gained up on the upside [as stock markets rebounded].”
Stadler said billionaires typically have “significant risk appetite” and were confident to gamble some of their considerable fortunes.
Stadler has previously warned that the yawning inequality gap between rich and poor could lead to a “strike back”.“Wealth concentration is as high as in 1905, this is something billionaires are concerned about. The problem is the power of interest on interest – that makes big money bigger and, the question is to what extent is that sustainable and at what point will society intervene and strike back?”
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