Billionaires see fortunes rise by 27% during the pandemic

Well would ya look at that. While the world's been hiding, going broke, losing their homes and businesses, being corralled and penned like little sheep, the billionaires of the world have seen their profits soaring higher than ever. I guess without those pesky small businesses getting in the way, they've just been watching the numbers climb.

www.bbc.com...

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

The world's richest saw their wealth climb 27.5% to $10.2trn (£7.9trn) from April to July this year, according to a report from Swiss bank UBS.

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

UBS said billionaires had done "extremely well" in the Covid crisis.

It also said the number of billionaires had hit a new high of 2,189, up from 2,158 in 2017.

It comes as a World Bank report on Wednesday showed extreme 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 a staggering 44% in the three months to July.

"Industrials benefited disproportionately as markets priced in a significant economic recovery [after lockdowns around the world]," UBS said.

Tech billionaires have also had a good pandemic, seeing their wealth soar 41%. UBS said this was "due to the corona-induced demand for their goods and services" and social distancing accelerating "digital businesses [and] compressing several years' evolution into a few months".

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

The rise in fortunes reflects the generally strong performance of global stock markets since late March, despite most countries continuing to suffer sharp recessions.

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

But again, these are the same people funding organizations telling us all to be scared and stay home. The same people lobbying governments to enforce lockdowns and closures.

But it's for our own safety right? Nobody wants this, we're all in this together right? Isn't that what they keep saying?

a reply to: dug88

Remember, we all in this together said the Hollywood elites.

originally posted by: neutronflux
Remember, we all in this together said the Hollywood elites.

It isn't Hollywood crushing the middle class and small businesses, it's your President and Congress. Let me know how much you love the airline bailout that you'll soon be paying for.

How much Taxpayer money has been sent out in the 3 Covid-19 "rescue bills"? I heard $4.5 Trillion. Lots of $$$ spread around.

originally posted by: AugustusMasonicus

originally posted by: neutronflux
Remember, we all in this together said the Hollywood elites.

It isn't Hollywood crushing the middle class and small businesses, it's your President and Congress. Let me know how much you love the airline bailout that you'll soon be paying for.

I got a raise this year. Shrugs.

So. What policies signed into law by President Trump are “crushing the middle class”?

I would say crap like this in California is crushing the middle class.

Activists Want a Problematic Mural of George Washington Destroyed. It Will Cost a High School $600,000.
The artist wanted students to learn about Washington's flaws. How traumatizing

reason.com...

a reply to: dug88

from your quote

It comes as a World Bank report on Wednesday showed extreme poverty is set to rise this year for the first time in more than two decades due to the pandemic.

And then there are the derivatives market

Kaboom

originally posted by: neutronflux
I got a raise this year. Shrugs.

Good for you! Love your ability to relate to the people being crushed.

So. What policies signed into law by President Trump are “crushing the middle class”?

The trillions in bailouts and no national direction on shutdowns. You don't need 'laws' to do this.

I would say crap like this in California is crushing the middle class.

Yeah, good thing only Democrat states were shutdown. Keep viewing this through a partisan lens, it shows that your fundamental understanding of the issue is deficient.

a reply to: AugustusMasonicus

You

The trillions in bailouts and no national direction on shutdowns. You don't need 'laws' to do this.

Exactly how did the bailouts take anything from the middle class?

a reply to: AugustusMasonicus

Cities and states heavily in debt paying retirement funds, are those crushing the middle class?

originally posted by: neutronflux
Exactly how did the bailouts take anything from the middle class?

Seriously? When a national retailer can file for Federal assistance but then layoff employees who then end up on unemployment making less who made out on the deal?

You think Amazon, Lowes, Home Depot, Dollar Tree, Dollar General and Walmart are seeing record earnings because of some shrewd market decisions? They are getting fat on the fact that small businesses were closed or went out of business because they weren't 'essential'.

Not a billionaire but I did take time to study up and apply during isolation to some pretty strong positions.

Start in December at a position that pays a right nice 130k plus a year. My wife book business has grown during the crisis as well (started 8 years ago with a handful of dvd's and now has over 8000 titles and netting over a 100k a year. Its how the American dream works and no one asked what color am I nor if I like diks or chicks.


Work for what you want and nearly anything is obtainable.

a reply to: tinktinktink

Similar here. When the government is spending like drunken sailors, learn the game and get "your fair share".

a reply to: AugustusMasonicus

You stated this.

It isn't Hollywood crushing the middle class and small businesses, it's your President and Congress. Let me know how much you love the airline bailout that you'll soon be paying for.

Then stated this.

Seriously? When a national retailer can file for Federal assistance but then layoff employees who then end up on unemployment making less who made out on the deal?

The president dictated lay-off? Miss that executive order.

I agree there should be an investigation into mismanagement of government funds

Now. Out of the listed companies. Who took bailouts vs loans.

Are those companies still hiring? Are they still in business providing tax revenue? And tax revenue to states and cities that are heavily in debt paying retirement funds, are those crushing the middle class?

Well, at least we know who to eat.

a reply to: neutronflux

Yes, Trump helped cause the crash.
That's what happens when you say
"Here's free money, if you play along"

a reply to: AugustusMasonicus

And out of those lay-offs, how many were in cities where the mayors or state governors mandated lockdowns where large portions of the population couldn’t work anyway?

originally posted by: Mandroid7
a reply to: neutronflux

Yes, Trump helped cause the crash.
That's what happens when you say
"Here's free money, if you play along"

What Trump policy caused the crash? Or helped?

a reply to: neutronflux

Tariffs on imports and money for covid leading to exaggerated cases for starters.
His general policy of throwing out division instead of leading.

originally posted by: neutronflux
The president dictated lay-off? Miss that executive order.

Did he issue one to prevent shutdowns? To put us on a path like Sweden? No? Failure to lead.

I agree there should be an investigation into mismanagement of government funds

That doesn't help the average citizen pay their bills or keep their business open.

originally posted by: neutronflux
And out of those lay-offs, how many were in cities where the mayors or state governors mandated lockdowns where large portions of the population couldn’t work anyway?

The whole country shutdown, all of it.