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The World’s Billionaires Added $5 trillion to Their Wealth Amid Covid Crisis.

The World’s Billionaires Added $5 trillion to Their Wealth Amid Covid Crisis.

660 people were added to Forbes’ list; some who had previously been on the list, others completely new. A new billionaire emerged every 17 hours on average over the past year, Forbes found.

The pandemic has had determinantal effects on many businesses, some people have seen theirs thriving, leading to the globe’s richest 2,755 people generating an eye-watering $13 trillion between them last year, up from $8 trillion the year before.
This is believed to be the largest wealth surge in decades.

The world’s billionaires “did extremely well” during the coronavirus pandemic, growing their already huge fortunes to a record high of $10.2tn.

A report by Swiss bank UBS found that billionaires increased their wealth by more than a quarter (27.5%) at the height of the crisis from April to July, just as millions of people around the world lost their jobs or were struggling to get by on government schemes.

This compares with the world's poorest, for whom economic recovery could take more than a decade. Oxfam estimates that between 200 million and 500 million more people were living in poverty in 2020, reversing the decline in global poverty seen over the last two decades.

Some tech tycoons, like Bill Gates, Jack Dorsey, Mark Cuban, and Jeremy Jacobs have been playing their part to combat the Covid crisis through their wealth in one way or another.

The charity claims this amount would be enough to prevent the world from falling into poverty because of the virus and pay for vaccines for all. The organization is urging governments to consider taxes on the super-rich.

We think that this is... an opportunity to do something radical about building back fairer to think about wealth taxes, to think about corporation taxes, to think about increasing the basic social floor for every citizen," Danny Sriskandarajah, Oxfam's chief executive told the BBC.

With reference to the UK, Oxfam's chief executive told the BBC said imposing a tax could raise millions.

The 10 richest people, whose fortunes rose by $540bn since March 2020, include Amazon founder Jeff Bezos, Tesla founder Elon Musk and Facebook founder Mark Zuckerberg.

 

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However, a new billionaire emerged every 17 hours on average over the past year, Forbes found. Mr. Bezos has remained the world’s wealthiest man on the list since 2018. 

Nearly 500 people made their first appearance on the list this year, and only 61 people who appeared on last year’s list did not make the cut in 2021 – the smallest dip in a decade.

Overall, 660 people were added to Forbes’ list; some who had previously been on the list, others completely new.

Of the 493 new billionaires, 210 of them came from China and Hong Kong. 

America is home to 724 billionaires. Eight of the top 10 wealthiest people in the world – Mr. Bezos, Mr. Musk, Mr. Gates, Mr. Buffett, Facebook’s Mark Zuckerberg, Oracle CEO Larry Ellison, and Google’s Larry Page and Sergey Brin, amassing a combined wealth of $728.5bn – are all in the US.

One of the newest additions to Forbes’ list is reality TV star Kim Kardashian-West. The 40-year-old was officially announced to have hit billionaire status yesterday, April 6, after seeing her wealth increase by $220 million in a matter of months.

 

 

Also Read: Almost 500 People Became Billionaires During The Pandemic.

Article Source: Unilad

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