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Billionaire Watch

Many Billionaires became richer by 27% during the COVID-19 pandemic – Swiss Bank UBS

The world’s richest saw their wealth climb 27.5% to $10.2trn (£7.9trn) from April to July this year.

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Many Billionaires became richer by 27% during the COVID-19 pandemic - Swiss Bank UBS

Many billionaires have seen their fortunes hit record highs during the pandemic, with top executives from technology and industry earning the most.

According to reports from Swiss bank UBS, the world’s richest saw their wealth climb 27.5% to $10.2trn (£7.9trn) from April to July this year.

This is up from the previous peak of $8.9trn at the end of 2017, and largely due to rising global share prices.

READ: Only 9% of Nigerian households obtained loans from banks and microfinance institutions since March – NBS

It also said the number of billionaires had hit a new high of 2,189, up from 2,158 in 2017. It comes as the recent World Bank report showed that acute poverty is set to rise this year for the first time in more than two decades due to the pandemic.

Among the billionaires, the biggest winners this year have been industrialists, whose wealth rose by a staggering 44% in the three months leading to July.

According to Swiss Bank UBS, “Industrials benefited disproportionately as market price increased in a significant economic recovery [after lockdowns around the world].”

READ: NNPC releases audited financial statements, refineries record losses of N154 billion

Other lucky beneficiaries of the pandemic are the Tech billionaires, as their wealth soared by 41%, largely due to the corona-induced demand for their goods and services and social distancing, which accelerated and created the impetus for digital businesses; thereby, compressing several years’ of evolution into a few months.

Healthcare billionaires also benefited as the crisis put drug makers and medical device companies in the spotlight.

READ: Wealth of world’s billionaires hits $10.2 trillion

Amazon boss Jeff Bezos and Tesla founder Elon Musk – both multi-billionaires – saw their wealth hit new highs this summer, thanks to growth in the price of their companies’ stock.

According to UBS, in the last 11 years, China’s billionaires have increased their wealth by the biggest percentage, climbing 1,146% between 2009 and 2020.

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READ: Senate investigates Nigerian banks over ATM, SMS, and maintenance charges

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By comparison, over the same period, the wealth of British billionaires has risen by just 168%. But the biggest accumulation of wealth remains in the US, where American billionaires have $3.5trn, compared to China’s $1.7trn.

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The UK’s wealthy billionaires have just $205bn, compared to Germany’s $595bn and France’s $443bn.

 READ: Bitcoin Mining just got harder, as mining difficulty reaches an all-time high

Donations

According to UBS, many billionaires benevolently donated some of their wealth to help with the fight against COVID-19,

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“Our research has identified 209 billionaires who have publicly committed a total equivalent to $7.2bn from March to June 2020.

“They have reacted quickly, in a way that’s akin to disaster relief, providing unrestricted grants to allow grantees to decide how best to use funds.”

READ: Buhari earmarks N420 billion for N-Power, GEEP and others under NSIP in 2021 budget

The UBS report also revealed that the UK billionaires donated less than those from other countries.

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In the US, 98 billionaires donated $4.5bn; in China, 12 billionaires gave $679m; and in Australia, just 2 billionaires donated $324m. But in the UK, 9 billionaires donated just $298m.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

1 Comment

1 Comment

  1. Benjamin Okpan

    October 8, 2020 at 5:37 pm

    This is very correct, just like Abraham and Isaac in the Bible who became stinkingly RICH during the famine (Recession) that hit their days

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Billionaire Watch

Elon Musk takes back world’s richest man title after gaining $10 billion in a day

Elon Musk bounced back strongly to become the world’s richest man amid a daily gain of $9.81 billion.

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49-year-old self-made billionaire, Elon Musk bounced back strongly to become the world’s richest man amid a daily gain of $9.81 billion.

Tesla chief’s wealth surged back to $190 billion, as the electric car company’s shares recorded impressive gains of 6.18%, thereby putting the market value of Tesla at $712 billion coupled with the SpaceX he founded completing another funding round, pushing him atop the Bloomberg Billionaires Index for the third time in 2021.

Such record gains pushed Musk past Amazon founder, Jeff Bezos, who is now worth $185 billion and had a few days ago reclaimed the title as the world’s richest person after Tesla shares plunged to record levels.

READ: Aliko Dangote’s net worth falls by $840 million

Tesla Inc stocks were on a record buying spree at Wednesday’s trading session, indicating that global investors are buying the dip following a four-day plunge that erased the world’s most valuable car company year-to-date gains.

That being said, MicroStrategy CEO, Michael Saylor, has revealed that SpaceX, a company founded by Elon Musk, is exploring the merits of buying Bitcoin.

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

Saylor revealed that top representatives from SpaceX were among 7,000 companies represented at MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.

  • Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
  • Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
  • A November 15, 2016 filing with the Federal Communications Commission revealed that the tech billionaire owned 54% of SpaceX.

READ: Tesla loses $200 billion in market value following Bitcoin investment

Elon Musk’s current net worth of $190 billion can currently buy 106 million troy ounces of gold or 2.82 billion barrels of crude oil.

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Billionaire Watch

Elon Musk’s SpaceX is exploring the merits of buying Bitcoin

SpaceX, a company founded by Elon Musk is exploring the merits of buying Bitcoin, according to MicroStrategy CEO, Michael Saylor.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

MicroStrategy CEO, Michael Saylor, has revealed that SpaceX, a company founded by Elon Musk, is exploring the merits of buying Bitcoin.

Saylor revealed that top representatives from SpaceX were among 7,000 companies represented at MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.

READ: Bitcoin bounces back after losing $13,000 in a space of 2 days

“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.

“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.

“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.

READ: Panic in crypto market as over $140 billion got wiped off

However, a significant number of traditional finance experts are not buying into the flagship crypto bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.

Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.

  • Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
  • A November 15, 2016 filing with the Federal Communications Commission revealed that the tech billionaire owned 54% of SpaceX.

READ: Tesla loses $200 billion in market value following Bitcoin investment

Micheal Saylor has always been a strong fan of the world’s most popular crypto asset and he thus shares the bias that companies can use Bitcoin to hedge against future fiat inflation and allow them to plug into a revolutionary and superior monetary network.

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