A report from Swiss bank UBS revealed that billionaires did “extremely well” during the COVID-19 pandemic, increasing their wealth more than a quarter to $10.2 trillion at the height of the crisis.
As millions of people lost their jobs and struggled to get by on government schemes, billionaires surpassed their previous peak net worth of $8.9 trillion at the end of 2017, while also increasing their ranks to 2,189 from 2,158 over the past three years.
The world’s super-rich currently hold the greatest concentration of wealth since the U.S. Gilded Age at the turn of the 20th century, when families like the Vanderbilts, Rockefellers, and Carnegies controlled vast fortunes.
The wealthiest person on the planet, Amazon founder and CEO Jeff Bezos, saw his wealth increase $74 billion so far this year, reaching $189 billion. Elon Musk, the founder of Tesla, has seen his wealth rise $76 billion this year, totaling $103 billion.
"From 2018 through July 2020, tech billionaires saw their wealth rise 42.5% to $1.8 trillion, the report found, while billionaires deriving their fortune from healthcare similarly saw their wealth rise 50.3% during the period to $658.6 billion." https://t.co/wH6fKTm3kz
— Nomi Prins (@nomiprins) October 7, 2020
The World’s Super-Rich are already hiding in #Bunkers. pic.twitter.com/NswxwjGh6Q
— teleSUR English (@telesurenglish) March 15, 2020