Wednesday, October 7, 2020

World's billionaires got even richer during pandemic - study

The coronavirus pandemic has made the super-rich around the globe even richer, according to a study
by consulting firm PwC and the major Swiss bank UBS.

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, according to the analysis, published Wednesday.

This level surpasses the previous peak of $8.9 trillion, reached at the end of 2017.

The increased wealth of the super-rich came thanks in part to the recovery of stock markets, while investments in fast-growing areas such as technology and health care, in particular, proved to be drivers of wealth, according to the study.

There are currently 2,189 men and women who have fortunes of more than a billion dollars.

Cash, real estate and luxury goods as well as stocks and corporate assets were taken into account in assessing their fortunes, while liabilities were deducted.

In Germany, the net assets of the ultra-rich rose to $594.9 billion by the end of July, following a slump at the beginning of the coronavirus pandemic.

The number of billionaires in the country grew from 114 to 119 members.

For the report, UBS and PwC analyzed data from 2,189 billionaires in 43 countries and conducted interviews with 60 billionaires.

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