A report by UBS and the BWC Services Group showed that billionaires’ wealth reached record highs in light of the “Covid-19” pandemic; As rising stock prices and gains in the technology and healthcare sectors helped the wealth of the world’s richest people surpass the 10 trillion level.
The report, which includes more than 2,000 billionaires, who represent about 98 percent of the group’s total wealth, found that billionaire wealth increased by more than a quarter during the first months of the pandemic, reaching $ 10.2 trillion in July, surpassing the previous record of $ 8.9 trillion. By the end of 2019.
The number represents a five to ten-fold increase over the past 25 years, the period covered by the (UBS) and (BWC) database, when billionaires’ wealth reached only about a trillion dollars.
Between April 7 and July 31 this year, billionaires’ fortunes in every sector surveyed increased by more than 10 percent, and billionaires led the technology, healthcare and industry sectors with gains ranging between 36 and 44 percent.
From 2018 to July 2020, the fortunes of the tech sector billionaires jumped 42.5 percent to $ 1.8 trillion, while the wealth of health care billionaires jumped 50.3 percent in the same period to $ 658.6 billion.
The study found that just over 200 of these billionaires had publicly pledged about $ 7.2 billion to help combat the “Covid-19” pandemic.