A new report by UBS and PwC reveals that the world’s super-rich “did extremely well” during the coronavirus crisis this year, increasing their already-huge fortunes by more than a quarter.
According to the research, their wealth grew by 27.5 percent at the height of the crisis, from April to July, reaching a combined $10.2 trillion. The billionaires had mostly benefited from betting on the recovery of global stock markets, UBS said, noting that their wealth had hit “a new high, surpassing the previous peak of $8.9 trillion reached at the end of 2017.”
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