Happy Howl-o-ween! No matter were you are on October 31, I’m sure you will wolf down a lot of candy. Wishing you a spook-tacular Halloween, despite the craziness!
Wednesday, October 28, 2020
Wednesday, October 7, 2020
Billionaires' Keeps On Amassing Wealth Even on a Covid19 Pandemic
According to a research done by Swiss bank UBS and PwC (Accounting firm) the world's billionaire has added $10.2 trillion between April and July this year that is more than the $8 trillion at the start of April despite the Covid19 Pandemic where millions of people worldwide lost their jobs or were struggling to get by on government help. This data shows that their wealth increase by 27.5% which is more than the previous peak of $8.9 trillion recorded at the end of 2017.
UBS’s global family office department Josef Stadler said that "Billionaires did extremely well during the Covid crisis, not only ride the storm to the downside, but also gained up on the upside [as stock markets rebounded]." He added that the super-rich were able to benefit from the crisis because they had “the stomach” (or obviously money) to buy more company shares when equity markets around the world were crashing. Global stock markets have since rebounded making up much of the losses. The shares in some technology companies which are often owned by billionaires have risen very sharply.
The Billionaires are getting even richer despite the pandemic is a sign that capitalism isn’t working as it should. Stadler further said that the "fact that billionaire wealth had increased so much at a time when hundreds of millions of people around the world are struggling could lead to public and political anger."
As of now the richest person in the world according to Forbes is https://www.forbes.com/real-time-billionaires/#50c461003d78 Jeff Bezos, the founder and chief executive of Amazon, with $186bn followed by Bernard Arnault & family which owns the LVMH Moet Hennessy Louis Vuitton at $117bn. Bill Gates of Microsoft comes in third with $115.8bn, Mark Zuckerberg in 4th with $96.8bn and Elon Musk, the maverick founder of electric car company Tesla at 5th place with $87.9bln.
source 
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