Who are considered ultra wealthy people

More billionaires worldwide - the super-rich have benefited from the corona crisis

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  • The coronavirus has so far had little impact on the community of the super-rich, at least in terms of their wealth.
  • On the contrary: According to a study, the global fortunes of the “Club of Billionaires” have even increased as a result of the pandemic.

This is mainly due to the “V-shaped” recovery on the stock market. After the crash on the stock exchanges triggered by the pandemic, the wealth of billionaires rose to a new high between April and July 2020, according to a published study.

According to the “Billionaires Report 2020” by the auditing and consulting company PwC and the major Swiss bank UBS, the world's billionaires had a record total of 10.2 trillion US dollars at the end of July 2020.

Exploited stock market crash

This clearly exceeded the previous high of $ 8.9 trillion from the end of 2017. The authors of the study now counted a total of 2189 billionaires around the world, up from 2158 in 2017. Since the beginning of April alone, billionaires' wealth has risen by 27.5 percent in just one quarter.

Swiss billionaires also got richer

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In this country too, the wealth of the super-rich rose sharply compared to 2019. In contrast to the rest of the world, the local billionaires have amassed a decent fortune, especially in the health and financial sectors, since the outbreak of the pandemic.

Specifically, the wealth of the super-rich resident in Switzerland rose by 29 percent to 123.5 billion dollars between April and July 2020. The Swiss “billionaire population” has increased by two to 37 people since 2019. Almost half of them are “self-made billionaires”.

This also has to do with the fact that by the end of 2019 many wealthy people became more risk averse due to global tensions. In March and April, many billionaires were therefore well positioned and were able to buy again when prices fell on the stock exchanges.

Those super-rich who had invested their fortune in the fields of industry and technology were particularly happy during this time. Their prosperity rose by 44.4 and 41.3 percent, respectively, due to the stock market performance of these sectors after the crash.

Willingness to donate increased

According to the report, the “Club of Billionaires” is also more generous when it comes to willingness to donate in the wake of the coronavirus outbreak: “Between March and June, over 200 billionaires publicly pledged around 7.2 billion dollars in donations to fight the pandemic to support », said Josef Stadler, head of the Global Family Office at UBS.

According to a survey by the consulting firm PwC, it was also found that a good fifth of billionaires in the last twelve months were willing to spend more money on philanthropic purposes. Within the next year, however, the wealthy want to concentrate more on their business strategy and succession planning.

SRF 4 News, October 7, 2020, 8:00 a.m.; srf / sda / awp / bisv; rehr

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  • Comment from Alex Schneider (Alex Schneider)
    As a rule, one does not become rich through work, but through ownership of real capital (shares, real estate, raw materials) or through inheritance. Wealth only becomes detrimental to the national economy when it is squandered with luxury goods, otherwise it remains - in many cases as risk-bearing capital - of the economy and thus also of the employees. Therefore, primarily wages or assets should not be taxed higher, but their use for luxury goods via a progressive consumption tax.
    Agree agree to the comment
    1. answer from Eva Wädensweiler (E. W.)
      I do not really understand.
      A manufactures luxury goods, earns an EK with them - B buys them. Where is there an economic damage?
      The problem is not that the rich are buying luxury goods, their money is among other things. squander it, but often the exploitation of the AN who manufacture the luxury goods.
      The best example of northern Italy, where large & expensive fashion labels get migrant workers from China.
      Agree agree to the comment
    2. Show answers
  • Comment from Steve Meier (smeier)
    Free market economy also means that you don't have to buy anything from Amazon, Alibaba, Ikea, Zalando and the like. Simple but effective.
    The consumer has a certain powerful “vote” on every purchase. So probably a certain responsibility.
    Agree agree to the comment
    1. answer from Daniel Erni (daniserio)
      That is only partially true, and this is where the problem lies. The super-rich have already reached wealth. Now capital is working for itself.
      Agree agree to the comment
    2. Show answers
  • Comment from Daniel Meier (Danimeier)
    We work, pay our taxes, drive on motorways or rail networks that do not change significantly, money for education is scarce, the health care system is at the limit or the AHV hole. Nevertheless, we sit idly by as hundreds of billions of our tax money administered by politicians are distributed to private companies behind which there are any shareholders who want to be close to the politicians. Is that about right?
    Agree agree to the comment
    1. answer from Nico Stäger (Nico Stäger)
      And who controls the media, which ensures that for this so-called pandemic, billions of tax dollars are borrowed from private individuals as debts in order to pay them good interest on the money they borrow and to pump the money into their companies?
      Agree agree to the comment
    2. Show answers

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