3 years ago
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Billionaire fortunes reached an all-time combined high of $10.2 trillion during the pandemic, and grew a staggering 27% between April and July
Billionaires have had a good pandemic: Their collective fortunes hit $10 trillion in July, a record high, a new report has found. A report by UBS and PwC found that the collective wealth of the world's billionaires grew by more than 25% between April and July. Their collective $10.2 trillion fortunes broke the previous record of $8.9 trillion, set in 2017.
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That's not really money, but a steep increase in the "value" of their stock-portfolio. And yes, their wallets grew fatter, but it takes a descent crisis in derivatives and plopping stock-bubbles to make those billionaires back into millionaires or less. I'd say hot air is what describes those faux-riches.