Despite the Pandemic, Billionaires are Getting Richer According to Latest Reports

On October 7, on the CNN news site, there was a post about billionaires saying their assets reached a new record high in the middle of a pandemic when technology stocks recovered.

According to a report from Swiss bank UBS and PwC, the billionaires’ wealth rose to $ 10.2 trillion by the end of July, up from an earlier high of $ 8.9 trillion in 2017.

The total number of billionaires has increased from 31 to 2,189 people since 2017. However, some billionaires are getting rich much faster than others.

The report says the pandemic has fueled a growing split in wealth between innovators in technology, healthcare and industry, and entrepreneurs in sectors such as entertainment, financial services and real estate, the report said.

That contrasts for most of the past decade “as steady growth and rising asset prices have boosted the wealth of billionaires in all sectors,” the report added.

Now, billionaires who “go against” the trends of technology and society are becoming less wealthy.

This polarization between “creative billionaires” and the rest comes at the end of the decade when the number of billionaires has doubled and total assets nearly tripled.

“Over the past two years, people using technology to change their business models, products and services have taken the lead. The Covid-19 crisis only highlights the difference,” the report added.

In 2018, 2019, and the first seven months of 2020, tech billionaires’ total assets grew 43 percent to $1.8 trillion, while healthcare billionaires increased 50 percent to $ 659 billion.

Billionaires overall grew 19 percent on a year-on-year comparison, with financial services, entertainment, materials and real estate recording an increase of 10 percent or less.

Geographically, mainland China has seen the biggest increase in billionaire wealth in the past 10 years, up nine times compared to the doubling growth in billionaire wealth in the United States.

China’s shift to the digital economy has seen founders of Alibaba (BABA) Jack Ma and Pony Ma of Tencent (TCEHY) become incredibly wealthy, as production and construction tycoons fall behind in wealth.

The report comes amid growing concern that the pandemic will only increase economic inequality, in terms of income, education and health care.

A recent report by the Policy Research Institute, an advisory body, found that over the past two decades, the growth rate of US billionaires’ wealth has been 200 times greater than the average growth rate of wealth.

The 643 richest Americans, including entrepreneurs like Jeff Bezos of Amazon (AMZN) and Elon Musk of Tesla (TSLA), made $ 845 billion in combined assets between March and September, increasing their fortune by almost a third, the report said.

There are also concerns that the rankings of the world’s poorest will rise this year. The United Nations team has warned that global poverty rates could rise for the first time this year since 1990, reversing the decade-long process.

However, according to the UBS report, billionaires are giving away more of their wealth than ever before.

About 209 billionaires pledged $ 7.2 billion between March and June, including financial contributions and manufactured goods.

“Those were early days, but billionaires could be at a turning point, bringing renewables and raising wealth into solving the environmental and social problems that pandemic and natural disasters,” the report said.

The way billionaires structure their finances is currently under stricter scrutiny, as governments tighten laws that allow entrepreneurs and investors to pay less taxes and seek to regulate platforms like Amazon and Facebook (FB).

According to the Institute of Policy Studies, the tax liability of American billionaires as a percentage of their wealth fell 79% between 1980 and 2018.

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page – https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething

Discover

Bài Liên Quan

Prince Harry Wins “Significant Damages”, Gets Apology from U.K Tabloid Lawsuit

Britain’s Prince Harry has won an apology and substantial damages from the publishers of the Mail on Sunday after he sued the...

Canada’s Supreme Court Ruled Country’s Carbon Price is Constitutional

The Supreme Court of Canada on Thursday has given the federal government the constitutional green light to impose a carbon price on...

Military reports “Horrific” conditions, elder abuse in long-term care home

During the daily provincial address, Premier Doug Ford addressed the public reports made by the Canadian Armed Forces whistleblower regarding the observations...

Bank of Canada Holds Rates Steady at 0.25% Even As It Expects Economy to Shrink Until March

Eight times a year, Canada's central bank meets to set its benchmark interest rate, known as the target for the overnight rate,...

Airlines say ticket cancellations slowing; business models may change

(Reuters) - Top U.S. airlines and Air Canada on Tuesday reported slower ticket cancellations and an improvement in bookings on some routes,...

Bitcoin Hits Record Highs Ahead of Landmark Coinbase Listing on Nasdaq

Bitcoin hit a record of $62,741 on Tuesday, extending its 2021 rally to new heights a day before the listing of Coinbase...

Trick-or-Treating Could Be Very Different This Halloween Amid Concerns of the COVID-19 Pandemic

Each year on Halloween, children dress up in spooky costumes and travel from house to house asking for treats with the phrase...

This content is also available in: Tiếng Việt