While many people are struggling to make ends meet, the richest have been getting richer
The world’s billionaires have gained roughly $2.2 trillion (£1.7 trillion) since the beginning of April, according to shocking new statistics.
A study conducted by a Swiss bank and accountancy firm PWC found the wealth of the world’s billionaires sat at around $8 trillion at the start of April – around the time strict coronavirus measures were put in place worldwide.
Over the course of the next six months, the fortunes of the world’s richest collectively reached $10.2 trillion.
This means that the world’s richest people made $2.2 trillion – £1.7 trillion pounds – in the six month period from April to October.
These figures are startling, particularly at a time when industries are collapsing, people are struggling to make ends meet and many are being asked to retrain for jobs in a different sector.
Amazon boss Jeff Bezos has made $74 billion since the start of 2020. (Photo: Getty)Why have the world’s richest people been making so much money?
It’s fair to say that the world’s billionaires have capitalised on the coronavirus pandemic.
When global stock markets plummeted at the beginning of lockdown (March-April time), billionaires placed bets on the recovery of these markets.
The markets did recover, thanks in no small part to all the extensive stimulus packages put in place by governments across the globe.
Remember when Rishi Sunak was announcing the first wave of job support schemes, and not telling ballerinas to retrain as particle physicists? Those were the days.
Anyway, that’s one reason why the rich got even richer.
Another reason is that billionaires gambled on a huge scale. Collectively, they bought shares in companies at a time when no one else could take the risk. They were careful which companies they were buying into – namely dipping into the tech world.
As the vast majority of people were asked to work from home while shops, bars and restaurants closed, the demand for delivery services and video call software went through the roof.
Sorry to say it, but all those Zoom quizzes you did at the start of lockdown probably made Jeff Bezos richer.
