Coronavirus: Ubs, richest billionaires with the pandemic – Ultima Ora

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(ANSA) – ROME, OCTOBER 07 – The wealth of the richest people in the world increased by over a quarter during the pandemic, just as millions of people were losing their jobs or struggling to get by. This was revealed in a report by the Swiss bank UBS, of which the Guardian reports. Thanks mainly to the ability to exploit the turbulence in the markets, the total wealth of the already billionaires rose to 10,200 billion dollars, (approximately 8,677 billion euros), with an increase of 27.5% between April and July 2020, at the height of ‘Coronavirus emergency.

The pandemic has brought more billionaires (2,189 against 2,158 in 2017) and richer: at the end of 2017 their global assets were 8,900 billion dollars (about 7,572 billion euros).

“They did good business during the crisis caused by Covid-19 – commented the head of the UBS department that deals with the richest people in the world, Josef Stadler – because not only did they ride the storm to the downside, but they also made money with the stock markets rebound.

Their secret, an increased risk appetite that led them to buy stocks as world markets sank and sell them higher, quickly compensating for losses. (HANDLE).

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