Billionaires Increase Their Wealth During Pandemic

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According to a report compiled by the Swiss Bank UBS, the richest people in the world increased their wealth by 27 percent between April and July 2020. The sectors that grew the most were industry and technology sectors.

While the coronavirus epidemic significantly affected the health sector and people’s lives, many countries and companies were negatively affected economically due to the cessation of normal life. Some companies benefited from the fact that people closed more homes and changed their habits. While companies in online shopping and technology were positive, the billionaires at the head of these companies also added wealth to their fortunes.

According to the Swiss Bank UBS report, the world’s richest people increased their wealth by 27.5 percent from April to July this year, to $ 10.2 trillion. This steep increase was due largely to rising global share prices after the previous peak of $ 8.9 trillion in late 2017. Stating that billionaires managed the COVID-19 crisis very successfully, UBS stated that the number of billionaires increased from 2,158 in 2017 to 2,189 in 2020.

Demand increased during the pandemic period

According to the UBS report, the biggest winners of this year among billionaires were industrialists, who increased their fortunes by a staggering 44 percent between April and July. In the process, technology billionaires have also managed to increase their fortunes by 41 percent. UBS said the increase was due to “demand for goods and services from the COVID-19 pandemic” and “the social distancing that accelerates digital businesses and the process of squeezing several years of development into a few months”.

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Another sector positively affected by the crisis was the health sector. Although healthcare professionals have struggled at the forefront in this process, drug manufacturers and medical device developers have made healthcare billionaires even richer.

Billionaires donate $ 7.2 billion to fight COVID-19

According to the report prepared by UBS, between March and June 2020, 209 billionaires made a total of $ 7.2 billion in donations as part of the fight against coronavirus. The money earned by the billionaires in this process was much higher than this donation.


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