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"Billionaires' combined wealth has reached a record $10.2 trillion, thanks to Covid-19"
"Covid-19 has decimated many economies and several industries, costing millions of people their jobs. For the world's billionaires, however, the pandemic has helped their fortunes grow, up by more than a quarter to a record high of over $10 trillion.
A study by Swiss bank UBS and accounting firm PwC found that at the start of April, global billionaire wealth stood at $8 trillion. By July, following the height of the coronavirus pandemic, it had reached $10.2 trillion. The previous peak was $8.9 trillion recorded at the end of 2017.
A lot of that increase came from billionaires betting on the recovery of global stock markets when they slumped during the lockdowns (between March and April). With many governments launching stimulus packages, the markets have rebounded, leaving the rich ever richer."
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