Billionaire wealth reached $10.2T - UBS research

Wednesday, 07. October 2020 13:08

Total billionaire wealth reached $10.2 trillion at the end of July 2020, said the UBS PwC research called "Riding the Storm" on Wednesday. According to the report, this represents a new high after the year’s V-shaped rebound in asset prices.

This level surpassed the previous high of $8.9 trillion, reached at the end of 2017. There are now 2,189 billionaires reported.

The report said: "Industrials benefited disproportionately as markets priced in a significant economic recovery, while tech companies performed well both due to the corona-induced demand for their goods and services, and markets discounting the value of their future cash flows in a low-interest-rate environment."

Microsoft co-founder Bill Gates stands in second place with $123 billion while Tesla CEO Elon Musk has $101 billion. Facebook CEO Mark Zuckerberg has $98.1 billion and Amazon’s CEO Jeff Bezos holds the first place with $175.3 billion.

Related Links: UBS Group AG
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Breaking the News / TF