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- So far, the coronavirus has had little impact on the community of the super-rich, at least in terms of their wealth.
- On the contrary: according to one study, the global fortune of the “Billionaires Club” has increased as a result of the pandemic.
This is mainly due to the “V” recovery of the stock market. After the stock market crash caused by the pandemic, the wealth of billionaires rose to a new record between April and July 2020, according to a published study.
According to the “Billionaires Report 2020” by the audit and consulting firm PwC and the leading Swiss bank UBS, the world’s billionaires had a record total of US $ 10.2 trillion at the end of July 2020.
Exploded stock market crash
This clearly surpassed the previous high of $ 8.9 trillion at the end of 2017. In total, the study authors counted 2,189 billionaires worldwide, compared to 2,158 in 2017. Since the beginning of April alone, the wealth of billionaires it has risen 27.5 percent by just a quarter.
This also has to do with the fact that at the end of 2019 many wealthy people became more risk averse due to global stresses. In March and April, many billionaires were well positioned and were able to buy again when prices fell on the stock exchanges.
The super-rich who had invested their fortune in the fields of industry and technology were particularly happy during this time. Their prosperity increased by 44.4 and 41.3 percent, respectively, due to the stock market performance of these sectors after the collapse.
Greater willingness to donate
According to the report, the “Billionaires Club” is also more generous in terms of willingness to donate after the coronavirus outbreak: “Between March and June, more than 200 billionaires publicly pledged around $ 7.2 billion in donations to fight the pandemic. to support, ”said Josef Stadler, Director of the Global Family Office at UBS.
According to a survey conducted by the consulting firm PwC, it was also found that a good fifth of billionaires in the last twelve months were willing to spend more money on philanthropic purposes. However, over the next year, the wealthy want to focus more on their business strategy and succession planning.
