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Laxman Pai, Opalesque Asia: Billionaire wealth reached record high levels amid the COVID19 pandemic, a report by Swiss bank UBS and accounting firm PwC found, as a rally in stock prices and gains in technology and healthcare helped the wealth of the world's richest break the $10 trillion mark.
The "Riding the storm" study found that global billionaire wealth climbed to $10.2 trillion between April and July this year, up from $8 trillion at the start of April.
That reflected an increase in wealth of 27.5% and exceeded the previous peak of $8.9 trillion recorded at the end of 2017.
The figure represents a five- to ten-fold rise over the past 25 years, the span covered by the UBS and PwC database, when billionaire wealth stood at just over $1 trillion.
Between April 7 and July 31 this year, billionaires across every industry covered by the study saw their wealth rise by double digits, with billionaires in the technology, healthcare, and industrial sectors leading the pack with 36%-44% gains.
The number of billionaires worldwide also reached a new high of 2,189, compared to the previous record of 2,158 in 2017.
The study pointed out that fortunes are polarizing as business innovators and disruptors deploy technology to be among the leaders of today's economic revolution.
During 2018, 2019, and the first seven months of 2020, entrepreneurs in the tech, healthcare, and industrials sectors pulled ahead. The COVID-19 storm accelerated the divergence, sai...................... To view our full article Click here
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