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.

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Millennials Prefer to Rent but Pass on Renters Insurance

According to a survey published on insuranceQuotes, Millennials prefer to rent homes, and most of them don't like to get renters insurance. Even though that coverage is not expensive, and having non could cause a huge financial hardship.

Based on the April 2016 survey for insuranceQuotes.com done by Princeton Survey Research Associates International, 66% of 18 to 29 years old are renting their home, compared with just 37% of consumers overall. What is alarming is that less than 33% of Millennial renters have renters insurance.

When questioned about not having renters policy, 59% of renters in the 18 to 29 age group said that cost is not the primary reason. Instead, they believe it’s unnecessary because they live in a very secure property (61%), or they don’t own enough personal property to insure (43%). And 41% of them said they’re avoiding renters insurance because they don’t understand how the product works.

A lot of the consumers are foregoing the benefits of renters insurance because they underestimate the benefits and overestimate its cost. The average annual premium is $188 (or $15.67 per month); however, 25% of 18- to 29-year-old respondents believe they’d have to pay $1,000 or more. People need to be educated since it is an affordable financial safety net that every renter should have.

Other report highlights include:

    Renters who don’t have renters insurance because they don’t understand the product increased from 27% in 2015 to 33% this year.
    Renters who don’t have insurance because they don’t know where to get it also increased from 20% in 2015 to 26% this year.
    College graduates are more likely to have renters insurance compared to high school graduates or those with a lesser education – 64% to 24% respectively.
    35% of respondents mistakenly said a renters policy does not cover personal property damaged in a natural disaster or property stolen from you outside of your rental home (60%).

The full report is available here: http://www.insurancequotes.com/home/millennials-and-renters-insurance-051916.

The survey was done by Princeton Survey Research Associates International (PSRAI) through telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States.


Here is why Renters Insurance is important for me personally:

1. If my stuff is stolen like my iPhone, iPad or laptop, furniture or bicycles could cost thousands of dollars. Renters insurance covers more than just theft it also covers fire, water problems and vandalism.

2. If you burned your dinner and it resulted to smoke damage. Your landlord will bill you for that damage even if none of your property was damaged since his property has been.

3. Renters insurance is about $12 to $30 a month for $30,000 worth of coverage a small cost with big pay off.

What To Do With Your Tax Refund?

You get tax refund when you overpaid the government it's not a bonus money since you earned it through hard work. After filing your taxes you'll find how much refund you're gonna get. If you have a huge tax refund, normally people will buy a new car or that new UHD TV that will blow your mind or a new game console. But if you're smart, just use it to pay off some of your debts. If you have no outstanding debts, then you can start or add some in your savings account.

You can also diversify your portfolio, save for your retirement, start a college fund for your children or add money to your emergency fund. However, you wouldn't want to gamble that money away. That will be a complete waste. Check out the Infographic below on "How to Make the Most of Your Tax Refund"

Click here for proceed to the Infographic

Jobless applications In the US jump to 300,000

Americans are feeling the heat as the number of people seeking U.S. unemployment benefits jump last week to above 300,000, the highest in almost three months.

The Labor Department on a report last Wednesday said the weekly applications went up by 21,000 to 313,000. Making it the highest level since the beginning of September. Using a four-week average which is a less volatile indicator, it went up by 6,250 to 294,000.

This increase will not cause any concerns about the overall status of the job market. Some of it were due to seasonal layoffs in business sectors that are affected by cold weather like construction. Claims were under 300,000 for 10 weeks consecutively, which is not the normal level this shows that companies are laying off less workers.

The jobless rate fell to 5.8%, this is the lowest in 6 years, down from 7.2% last year.

Forbes: Bill Gates richest Person in the US

Bill Gates, Microsoft co-founder topped the Forbes "Richest People In America 2014" it is his 21st consecutive year in a row with a net worth of $81 billion.

According to Forbes it the 2014 list was another record year for American wealth, since the aggregate net worth of the richest 400 Americans reached $2.29 trillion, it has increased by $270 billion from last year.

This years minimum net worth to be included in the list is pretty high at $1.55 billion and because of this some 113 American billionaires failed to be listed.

Warren Buffett, CEO of Berkshire Hathaway got the number 2 spot on the 400 with accumulated wealth of $67 billion. Larry Ellison, CEO and founder of software firm Oracle is in number 3 with $50 billion net worth. The fourth spot was a tie between brother Charles and David Koch who both got $42 billion apiece.

Christy Walton widow of John Walton who is one of the sons of the founder of Walmart Sam Walton is on 6th spot with $38 billion. Her husband John died in a plane crash. Michael Bloomberg the former New York Mayor is on 8th with $35 billion net worth.

Facebook cofounder and CEO Mark Zuckerberg is raking in money he is now the 11th richest person in the U.S. and the biggest earner his money increased by $15 billion since last year to $34 billion.

Top 10 Richest People In America 2014 List

1. Bill Gates $81 billion
2. Warren Buffett $67 billion
3. Larry Ellison $50 billion
4. Charles Koch $42 billion
4. David Koch $42 billion
6. Christy Walton & family $38 billion
7. Jim Walton $36 billion
8. Michael Bloomberg $35 billion
9. Alice Walton $34.9 billion
10. S. Robson Walton $34.8 billion

Full List: http://www.forbes.com/forbes-400/