Economy

Billionaires Wealth Hit New Record High Amid Pandemic; Moves Past $10 Trillion

Billionaires Wealth Hit New Record High Amid Pandemic; Moves Past $10 Trillion”

The UBS report did not rank the fortunes of the world's wealth, but the richest person on the planet is Jeff Bezos, the founder and chief executive of Amazon, with US$189 billion. Within the industrial sector, UBS and PwC identified 54% of billionaires as innovators and disruptors, while consumer & retail has 41%. For instance, software giants such as Microsoft and Oracle - both effectively "billionaire factories", having hatched several billionaires - are quickly moving into areas such as AI, cloud computing and software as a service.

Says Josef Stadler, head of the Global Family Office unit at UBS Global Wealth Management: "This is a key moment in economic history".

"As the storm passes, a new generation of entrepreneurs looks likely to digitize, refresh and revolutionize the economy", the report found.

UBS Bank and the London-based network PwC, which specializes in providing multinational professional services, said that billionaires' wealth has reached record levels in light of the Covid-19 outbreak, the recovery of stock prices and gains on exchanges in technology and healthcare.

During 2018, 2019 and the first seven months of 2020, four technology billionaires' total wealth rose by 42.5% to $1.8tn whilst healthcare billionaires' total wealth increased by 50.3% to $658.6bn, boosted by a new age of drug discovery and innovations in diagnostics and medical technology, along with COVID-19 treatments and equipment. Stating that billionaires managed the COVID-19 crisis very successfully, UBS stated that the number of billionaires increased from 2,158 in 2017 to 2,189 in 2020. The sectors that grew the most were industry and technology sectors.

More news: Player signed contract to join Manchester United 'a moment ago' - Announcement soon

For the report, UBS and PwC analysed data from 2189 billionaires in 43 countries and conducted interviews with 60 billionaires. By early April 2020, their wealth had grown nearly nine-fold over the decade, while that of their peers in the United States had doubled.

Faster wealth growth in businesses geared for the future economy has been an ongoing process in recent years and has resulted in a growing gap compared to traditional businesses.

According to the report, the pandemic initially had an impact on the world's billionaires.

Visit Business Insider's homepage for more stories. Meanwhile, the worst-off billionaires amid the pandemic were those in real estate. They are seeking to make a positive impact across all activities - philanthropy, corporate and investment - as opposed to looking exclusively to a charitable foundation. While companies in online shopping and technology were positive, the billionaires at the head of these companies also added wealth to their fortunes.



Like this

loading...
loading...

Latest


07 October 2020
Two more Tennessee Titans players test positive for COVID-19
The Titans' Week 4 game against the Pittsburgh Steelers was postponed and moved to Week 7 as a result of the initial outbreak. Tennessee hasn't been together as a team since September 27, when the Titans beat the Vikings 31-30 in Minnesota.

07 October 2020
Bruce Springsteen ‘Letter to You’ Documentary Premieres October 23 on Apple TV+
The new film captures Springsteen at work with the E Street Band in a tight time frame as they recorded " Letter to You ". Recorded in his New Jersey home studio in just five days, Letter to You marks Springsteen's 20th studio album.

07 October 2020
Russian Federation warns that Nagorno-Karabakh could become Islamist militant stronghold
Armenia effectively controls most of the geographical area, including parts still technically recognized as belonging to Azerbaijan.

07 October 2020
Clevinger, Tingler out early for wild Padres in 5-1 loss
Globe Life Field will also host the NL Championship Series and World Series in this most unusual season because of the pandemic. They are back there after a lot of postseason relief with another chance to overtake the NL West rival Los Angeles Dodgers .

07 October 2020
Asteroid Alert - 2020 SX3 to Fly By Earth on Thursday
Going by the size, the space rock can be bigger than the wingspan of a Boeing-747 8 series airplane that is 68.5m wide. This asteroid is classified as " Apollo Asteroid " and NASA astrologers had first discovered space rocks last month.

07 October 2020
Coronavirus Canada Updates: Quebec records 1364 new cases of COVID-19
There was less division over how governments should respond to the second wave of the deadly coronavirus that causes COVID-19. There are now 50 active outbreaks in long-term care homes in Ontario, with 124 active cases in residents and 158 in staff.

07 October 2020
Afghanistan cricketer Najeeb Tarakai dies in vehicle accident
He has a good record in First Class cricket, scoring over 2000 runs at an average of 47 with six centuries and 10 fifites. He also represented the country in one ODI against Ireland at the Greater Noida Sports Complex Ground on March 24, 2017.

07 October 2020
Led Zeppelin Win Stairway To Heaven Court Battle
Now that the Supreme Court has declined to hear the case and reject their appeal, it means that the 2016 verdict remains. "It was a bad rule", Ed McPherson, an attorney who filed an amicus brief supporting Led Zeppelin , told Variety .

07 October 2020
Patriots, Titans and Raiders all have players test positive for COVID-19
But, right now, there is serious concern about how the league can move forward if so many players continue to test positive. Patrick Mahomes was photographed hugging the Patriots player with the positive test results after Monday's game.

07 October 2020
Lindsey Graham: Trump ‘Sounds Terrific,’ ‘Excited’ About Judge Barrett Confirmation
The confirmation hearing for Supreme Court Nominee Amy Coney Barrett are officially scheduled to begin October 12 at 9 a.m. It is unclear how Mr Biden would be able to pass a law protecting abortion rights if he is elected president.