Whilst the majority of the people in the world were neck deep into poverty due to the Covid-19 pandemic, fortunes of many billionaires rose record highs during the pandemic.
Top executives from technology and industry earned the most event World Bank reported that acute poverty is set to rise this year for the first time in more than twenty years due to the pandemic.
Swiss bank UBS reported that the world’s richest wealth climbed 27.5% to $10.2trn (£7.9trn) from April to July this year beating the previous peak of $8.9trn at the end of 2017 and largely due to rising global share prices.
Swiss Bank UBS said that the industrials gained disproportionately as market price increased in a significant economic recovery, after lockdowns globally.
Billionaires numbers have also increased like never before to a new hight of 2,189, up from 2,158 in 2017.
The most favoured amongst the billionaires this year are the industrialists. Their wealth reportedly rose by a whooping 44% between May and July.
Tech billionaires were also favoured massively as their fortune went up by 41%, primarily due to the corona-induced demand for their goods and services. Social distancing and lockdown, among others, increased demand for digital businesses. This analysts said compressed several years’ of evolution into a few months.
Drug makers and medical device companies also hit the spotlight with plenty monetary benefits.
Jeff Bezos of Amazon and Elon Musk of Tesla’s wealth hit new wave level this summer. The two multi-billionaires enjoyed growth in the price of their companies’ stock.
