REPORT: World’s billionaires added all time high in their wealth amid COVID-19

Syed Umarullah HussainiWeb Editor

07th Oct, 2020. 02:38 pm

The latest report by Swiss bank has revealed that the wealth of the world’s billionaires has reached an all-time high amid the novel coronavirus pandemic.

The report revealed that amid the pandemic, the super-rich did extremely well, adding a record amount of $10.2 trillion to their already huge fortunes.

Swiss Bank report covered over 2,000 billionaires representing some 98 percent of the cohort’s total wealth.

According to the report, billionaire wealth grew by more than a quarter during the early months of the pandemic breaking the previous record of $8.9 trillion at the end of 2019. Whereas the number of billionaires has also hit a new high of 2,189, up from 2,158 in 2017.

As per the report, between April 7 and July 31, 2020, the wealth of the billionaires across every industry around the world, rise by double digits, with billionaires in the healthcare, industrial, and technology sectors leading the pack with 36 percent to 44 percent gains.

The pandemic accelerated a trend of technology and healthcare entrepreneurs, and other business innovators, pulling ahead of their ultra-rich peers.

The study found that just over 200 of those billionaires publicly committed some $7.2 billion to help tackle the coronavirus pandemic.

Jeff Bezos, the Richest

Jeff Bezos, who is the founder and chief executive of Amazon, is the richest man on earth with $189bn.

According to the Bloomberg billionaires index, Jeff Bezos’s wealth has increased by $74bn so far this year, due to the surge in Amazon’s share price as more people turned to the company.


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