Despite Corona, Billionaires' Fortunes Reach An Unprecedented Level

[Mary B]

Despite Corona, Billionaires' Fortunes Reach An Unprecedented Level

On October 8, 2020

The Independent / - A report published by the American “Forbes” magazine indicated that the amount of wealth owned by billionaires around the world exceeded 10 trillion dollars, during the outbreak of the Corona pandemic.

According to "Forbes", the total wealth of billionaires has reached an all-time high, noting that Jeff Bezos is the first billionaire whose wealth exceeds the $ 200 billion mark, according to (Sky News).

Forbes, based on financial statements issued by UBS and PwC, indicated that billionaires' collective wealth has grown at its fastest rate of any period during the past decade.

Billionaires' fortunes grew between April and July by 27 percent from $ 8 trillion at the start of April, mainly due to government stimulus packages launched to counter the repercussions of the emerging coronavirus outbreak.

The report on "UBS" and "PwC" pointed out that the growing wealth of billionaires was not linked to stock markets, as from the end of March, government stimulus packages contributed to the recovery of financial markets.

Since March, 133 companies have received $ 5 billion in government aid, awarded by the Treasury.

In Britain, the report revealed that government stimulus packages worth more than 16 billion pounds, equivalent to about 20.6 billion dollars, were for companies owned by billionaires.

The increase in billionaires' fortunes during the Covid-19 pandemic, according to the UBS and PwC report, was accompanied by an increase in their donations more than ever before, as more than three-quarters of the wealthy families prefer to donate. (End 9

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