THE RICH GOT RICHER DURING PANDEMIC, ACCORDING TO REPORT

Billionaire wealth reached record high levels amid the COVID-19 pandemic, a report by UBS and PWC found, as a rally in stock prices and gains in technology and health care helped the wealth of the world’s richest break the US$10 trillion mark. The report, covering over 2,000 billionaires representing some 98 per cent of the cohort’s total wealth, found billionaire wealth grew by more than a quarter during the early months of the pandemic to reach US$10.2 trillion in July, breaking the previous record of US$8.9 trillion at the end of 2019. Between April 7 and July 31 this year, billionaires across every industry covered by the study saw their wealth rise by double digits, with those in the technology, health care and industrial sectors leading the pack with 36 per cent-44 per cent gains.