Home / Business / World’s billionaires get even richer during COVID-19 pandemic ― Study

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.

ALSO READ:  COVID-19: Osun mandates use of face mask in public

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

Check Also

NCDC requires weekly, monthly and quarterly assessment as schools reopen

As schools resume nationwide, the Nigeria Centre for Disease Control has urged states to conduct …

World Bank backs FG on petrol subsidy removal

The World Bank said on Thursday that the removal of petrol subsidy in Nigeria was …

Naira gains, exchanges for N457/$

The naira gained slightly, as it exchanged to the dollar at N457/$ at the parallel …

Leave a Comment