(BTW - Deep Pockets Love Lockdown, by Israel Shamir - The Unz Review (Coronavirus cronyism? - CL)
ZURICH,
Oct 7 (Reuters) - Billionaire wealth reached record high levels amid the
COVID-19 pandemic, a report by UBS and PwC found, as a rally in stock prices
and gains in technology and healthcare helped the wealth of the world's richest
break the $10 trillion mark.
The report, covering over
2,000 billionaires representing some 98% of the cohort's total wealth, found
billionaire wealth grew by more than a quarter during the early months of the
pandemic to reach $10.2 trillion in July, breaking the previous record of $8.9
trillion at the end of 2019.
The figure represents a five-
to ten-fold rise over the past 25 years, the span covered by the UBS and PwC
database, when billionaire wealth stood at just over $1 trillion.
Between April 7 and July 31
this year, billionaires across every industry covered by the study saw their
wealth rise by double digits, with billionaires in the technology, healthcare
and industrial sectors leading the pack with 36%-44% gains.
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% to $1.8 trillion, the report
found, while billionaires deriving their fortune from healthcare similarly saw
their wealth rise 50.3% during the period to $658.6 billion.
Just over 200 of those
billionaires publicly committed some $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. (Reporting by Brenna Hughes Neghaiwi Editing by
Alexandra Hudson)
