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Covid-19: Billionaires' wealth reaches new high during pandemic

Source : 112 Ukraine

At the same time, 209 billionaires spent about $ 7.2 billion to fight the pandemic
15:38, 7 October 2020

Geekwire

The coronavirus pandemic has made the super-rich around the globe even richer. At the end of July, the total assets of the world's more than 2,000 billionaires had risen to a record level of around $10.2 trillion, breaking the previous record $ 8.9 trillion at the end of 2019. The Guardian informs about this with reference to the report of the UBS Swiss bank.

According to UBS, billionaires increased their wealth by more than a quarter (27.5%) at the height of the crisis from April to July, just as millions of people around the world lost their jobs or were struggling to get by on government schemes.

The pandemic accelerated a trend of technology and healthcare entrepreneurs, and other business innovators, pulling ahead of their ultra-rich peers.

From 2018 through July 2020, tech billionaires saw their wealth rise 42.5 percent to USD 1.8 trillion, the report found, while billionaires deriving their fortune from healthcare similarly saw their wealth rise 50.3 percent during the period to USD 658.6 billion.

Just over 200 of those billionaires publicly committed some USD 7.2 billion to help tackle the COVID-19 pandemic, the study found, noting that billionaire donations to combat the medical crisis, as well as the societal and economic turmoil it caused, were likely actually higher.

The research shows that UK billionaires donated much less than those from other countries. In the US, 98 billionaires donated a total of $4.5bn, in China 12 billionaires gave $679m, and in Australia, just two billionaires donated $324m. But in the UK, nine billionaires have donated just $298m.

As we reported, during the pandemic, the number of US-dollar billionaires in Russia increased from 99 to 101 persons.

Since the beginning of the pandemic, the Russian billionaires grew richer by $62 billion: their collective wealth increased from $392 billion up to $454 billion.

Related: American billionaire Warren Buffett sold all shares of airlines due to coronavirus

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