Combined Wealth of Global Billionaires Passes $10 Trillion For First Time
ByAmy Lamareon October 18, 2020inArticles›Billionaire News
The pandemic has been affecting everyone’s bank accounts. Many people are out of work. Entire industries have shut down. But billionaires are thriving, thanks to all of us being stuck at home and shopping online and the strength of the stock market. In fact, billionaires are doing spectacularly: The combined wealth of all the billionaires on earth just hit $10 trillion for the first time. In April, the combined wealth of all billionaires was “just” $8 trillion. Now, it is $10.2 trillion. That’s a 27.5% increase in wealth. The previous high mark was $8.9 trillion at the end of 2017. The $10.2 trillion reflects the combined net worth of 2,189 billionaires, which is also a new high.
STAN HONDA/AFP via Getty Images
The rise in the net worth of global billionaires is in sharp contrast to the rest of the world. Sure, we may be saving money on eating out and concerts and travel, but many industries haven’t rebounded from the shutdowns imposed in an effort to control the spread of coronavirus. Broadway plans to be shut down until at least the fall/winter of 2021. Live music is at a standstill, and there are no concerts or music festivals as we knew them just eight short months ago. Restaurants and bars and night clubs face uncertain futures. Gyms and fitness studios are struggling. You get the picture.
Nearly 36 million people have been infected with the coronavirus worldwide and more than one million people have died as a result of it.
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- Billionaires In The U.S. Are $282 Billion Richer (And Counting) Since The Onset Of Coronavirus
- The 11 Richest People In The World Control $1.1 Trillion
- China Sees Billionaire Boom During Coronavirus Shutdowns
- India Officially Has More Self-Made Billionaires Than Inherited Billionaires
- The Combined Wealth Of The World’s Billionaires Has Hit A Staggering Number–But Is It Sustainable?
