Business

World’s billionaires get even richer during COVID-19 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 dollars, according to the analysis, published on Wednesday.

This level surpasses the previous peak of 8.9 trillion dollars, 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 dollars 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 analysed data from 2,189 billionaires in 43 countries and conducted
interviews with 60 billionaires.

Source: vanguardngr.com