Billionaires’ combined wealth has reached a record $10.2 trillion

Rod Thubron — Tech Spot Oct 7, 2020

Covid-19 has decimated many economies and several industries, costing millions of people their jobs. For the world’s billionaires, however, the pandemic has helped their fortunes grow, up by more than a quarter to a record high of over $10 trillion.

A study by Swiss bank UBS and accounting firm PwC found that at the start of April, global billionaire wealth stood at $8 trillion. By July, following the height of the coronavirus pandemic, it had reached $10.2 trillion. The previous peak was $8.9 trillion recorded at the end of 2017.

A lot of that increase came from billionaires betting on the recovery of global stock markets when they slumped during the lockdowns (between March and April). With many governments launching stimulus packages, the markets have rebounded, leaving the rich ever richer.

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Josef Stadler, the head of UBS’ global family office department, said (via The Guardian) that billionaires had “the stomach” to buy more company shares when equity markets around the world crashed. Tech company shares have risen sharply, thanks to increased demand for delivery services, work-from-home products, and video-calling software.

Back in July, Amazon overlord Jeff Bezos saw the largest single-day increase to his net wealth since the Bloomberg Billionaire Index was created eight years ago. As Amazon shares jumped 7.9 percent, Bezos’ worth surged by $13 billion to $189.3 billion.

Bezos has seen his fortune increase by $74 billion this year, but that still isn’t as much as Elon Musk. The Tesla boss is $76 billion richer since the start of 2020 and is now worth $103 billion.

US senator and former presidential hopeful Bernie Sanders said he plans to introduce a tax on “obscene wealth gains” made by the super-rich during the pandemic. The “Make Billionaires Pay Act” would put a 60 percent tax on the increase in billionaires’ net worth from March 18 through to the end of the year. Many of PwC’s clients are expecting new wealth taxes and an increase in direct taxation this year as a way of funding government support packages.

A number of billionaires have donated some of their wealth to help those impacted financially by Covid-19. In the US, 98 billionaires donated a total of $4.5 billion, putting the UK to shame—nine of the country’s billionaires have donated just $298 million.

The UBS/PwC report covers 2,000 billionaires from 43 markets, accounting for around 98 percent of total billionaire wealth.

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10 responses to “Billionaires’ combined wealth has reached a record $10.2 trillion”

  1. its not thanks to coronavirus

    its thanks to patent- and copyright laws

    which those who lost theirs jobs, themselves supported

  2. When capitalism eats itself and disappears up its own rectum and takes down civilisation down with it, the survivors need to remember never to let money take control like it did and end up concentrated amongst the worst of humanity. They’ll become little Hitlers without ever standing for election, take control of education and media so the people know nothing, then successfully blame the other side which warned about it all and tried to stop them.

  3. Not quite RICK: much of their wealth and the success of their businesses is directly linked to two things. Endless QE and very low payment, or none existant payment of taxes. The next big problem is that these global brands & owners are treated as Gods by the sheeple.

    I often suggest getting rid of the political party systems, but the next on my list would be the legal (because that is what a corporation is, a legal construct) destruction of corporations/transnationals and the big banks.

  4. “The next big problem is that these global brands & owners are treated as Gods by the sheeple. ”

    Yes, in addiotion to long term patents, the western goverment have helped microsoft to achieve monopoly by selecting Windows as OS franca to public institions (universities, hospitals, public offices etc), when they could have promoted the development of Linux /Unix based systems instead.

    So i admit that although patents may not need have been so generous, it is not only patents that created microsoft monopoly

    As seen in todays news (trump vs twitter today), these monopolies can be dangerous.

  5. Bezos: I notice Baron Rothschild, that you & other trillionaire Jewish bankers never appear on these lists of the most wealthiest.

    Rothschild: We’re still on top, ruling the world, don’t worry. Let the goyim think that you & our other publicized Jewish subordinates like Gates, Musk, Zuckerberg, Ballmer & Brin are the richest mongrels. We stay out of the spotlight, we don’t want to make it too obvious to the goy morons that us Jews are the Overlords of the world.

  6. Research Miles Mathis and what he has to say about each of these CYA frontmen.
    It’s quite enlightening.

  7. The money of the billionaires would not be of any use if people were not so easily bought, so you have to see collusion between the rich and the conscienceless public.

  8. Of course….they’re almost ALL Jews!.

    No wonder Americans taxpayers continue to be fleeced by the Jews in Israel.
    Whoever heard of a country with a lower per capita income providing “aid” to a country with a higher per capita income….which American taxpayers are FORCED to do..
    Then there were those ENORMOUSLY expensive Dolphin submarines German taxpayers were FORCED to provide to the parasites.(a graphic demonstration of the power of the Jews WITHIN Germany itself…indirectly proving that there was no six million holocaust…..which explains why there are HUGE Jewish owned multinationals in Germany today….obvious ones like Adidas and Lidl supermarkets.

  9. People look at a grassland and feel they could live off it. Jews are like that with concentrations of humans.

  10. Blacks grumble about slavery but the national debt to the jew bankers mean we are all slaves, white folk are no different

    But you’d grumble a lot more if you knew that actually for every £100 you earn Rothschild take £64.88 and rising – all you get to live on after they have finished with you is £35.12.
    sometimes even less