On One Side When Whole World is suffering from Corona Pandemic . Job losses happen and on other side Net Worth of all Billionaires of world increases by 27.5% .In a report published on Wednesday it is said that total Net Worth of all Billionaires of World at the end of July 2020 is 10.2 trillion dollar . Swiss Bank UBS and World Leader in accounting BricewaterhouseCoopers do the joint study on this and published this report .
In Published report it is said that – “The wealth of world’s billionaires reached record heights this year despite global coronavirus crisis,led by tech , health and industry “innovators and disruptors” like Elon Musk”
In 2017 Total Wealth of all Billionaires of world stood at 8.9 trillion dollar .
At the end of July 2020 Total Billionaire is 2,189 i.e they all have Minimum 7,000 Crore Rupees with them . This Number of Billionaire’s is 31 more when compared to Billionaire in 2017 .
Report also Pointed out that In this Coronavirus Pandemic most of the billionaires are “innovators and disruptors” and they are from technology , healthcare and not from entertainment and real estate .
This report also led towards criticism that people are losing jobs and wealth of billionaire’s are increasing .
Angela Rayner , Deputy leader of Britain’s Labour Party tweeted on this and criticized on this . She Tweeted – “Billionaire’s doing very nicely out of the #Covid_19 pandemic , ordinary people left with debt , businesses collapsing , unemployment rocketing , people suffering and making huge sacrifices whilst the world’s richest laugh all the way to the bank!”
Report also said that at the starting of pandemic i.e in February and march wealth of all billionaire’s fell by 6.6% in total . This was due to the crash in stock market which happened in March 2020 .
After this crash , Global Market sees a rebound and there wealth increases by 27.5% between April and 31st July 2020 .
According to Report Those Businessman who are “Innovators and disruptors” and also deploying technology are in the list of Billionaires .
Report Gives the Example of Elon Musk founder of Tesla and SpaceX and both these startup are slowly slowly becoming the market leader in electric car and private space travel respectively .
With the increase in the share price of Tesla Elon Musk become the world’s fifth richest person and joined the 100 Billion Dollar group .
Report also gives another example . Name of this person is Zhong Huijuan . He is former chemistry professor and he is from China . According to Forbes he has the net worth of 20.4 billion dollar .All this happens after he listed his company Hansoh Pharmaceutical last in China Stock Market .
Net worth of four billionaires of Tech sectors increases by 42.5% from 2018 till July 2020 . It makes the total net worth of these four Billionaires is 1.8 trillion dollar .
When Compare to Health Sector Billioanire there net worth increases by 50.3 percent during the same period . Total Net worth of Billionaires from health sector is 658.6 Billion dollar .
Reason for the Increase in the net worth of Heath billionaire is that “These were boosted by new age of drug discovery and innovations in diagnostics and medical technology as well as latterly Covid-19 Treatments and equipments” .
Report also pointed that Billionaires who are “on the wrong side of economic , technological , societal and environmental trends” are becoming less wealthy .
Net worth of billionaires from entertainment . real estate , financial service increased by 10% or less