Wednesday, October 7, 2020

Billionaires have never been richer despite the pandemic

 

By Hanna Ziady, CNN Business

London (CNN Business)The wealth of the world's billionaires reached a new record high in the middle of the pandemic as a rebound in tech stocks boosted the fortunes of the global elite.

Billionaire wealth increased to $10.2 trillion at the end of July, up from a previous peak of $8.9 trillion in 2017, according to a report from Swiss bank UBS and PwC. The total number of billionaires has increased by 31 to 2,189 since 2017.

Some billionaires are getting richer much faster than others, however. The pandemic has accelerated a growing divergence in wealth between innovators in technology, healthcare and industry, and entrepreneurs in areas such as entertainment, financial services and real estate, the report said.

That contrasts with most of the past decade "when steady growth and buoyant asset prices lifted billionaire wealth in all sectors," it added. Now, billionaires "on the wrong side" of technological and social trends are becoming relatively less wealthy.  Read more >>