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Billionaire fortunes jump by a quarter during pandemic

Published: (Updated: ) in Australian News by .

Billionaire fortunes jumped by more than 25 per cent during the height of the coronavirus pandemic, according to new research.

Billionaire fortunes jumped by more than 25 per cent during the height of the coronavirus pandemic, according to new research.

Research by Swiss bank UBS and accounting firm PwC found the recovery in stock markets helped the wealth of the world's richest soar to A$14.3 trillion between April and July this year, up from $11.2 trillion in early April.

The figure marked a jump in wealth of 27.5 per cent and surpassed the previous record of $12.5 trillion three years ago, reports the BBC.

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The study looked at more than 2000 billionaires from 43 global markets.

From April 7 to July 31 this year, the report found billionaires wealth increase by double digits.

The industrial, technology and healthcare sectors recorded growth of between 36 per cent and 44 per cent.

During this period, many governments imposed strict lockdowns to stem the pandemic that lead to mass job losses and workers moving to state wage subsidy schemes.

"Industrials benefited disproportionately as markets priced in a significant economic recovery [after lockdowns around the world]," the report said.

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Technology billionaires, such as Jeff Bezos and Elon Musk, had good pandemics, with their wealth soaring 41 per cent.

The report said social distancing measures triggered a demand for digital services and products.

And healthcare billionaires enjoyed a big rise in their fortunes as the pandemic drove a big demand for medical devices and pharmaceuticals.

The soaring fortunes reflect the largely healthy performance of global share markets since late March, despite most countries continuing to suffer severe recessions.

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Source: 9News https://www.9news.com.au/world/billionaires-fortunes-jump-coronavirus-pandemic-finance-news/a0f72ce7-7e62-4065-b964-2965cb3fc2dc

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