Cat Cunningham examines how the super-rich such as Jeff Bezos, have profited during the pandemic while others struggle.
Photo by Watcharlie
Despite significant economic downturn as a result of the Coronavirus pandemic, more than three quarters of the world’s richest population have reported an increase in their already vast fortunes.
Research has found that the super-rich appear to have been able to navigate their way through 2020’s rocky financial markets, whilst the less wealthy have been faced with unemployment, pay cuts and a collapse in the value of their savings and pensions.
93 out of 121 family offices surveyed by Swiss Bank UBS said that they had managed to hit or exceed their financial objectives from January to May this year, at the height of the pandemic. This success is in complete contrast to an economic climate in which many countries are experiencing the worst economic downturn they have faced in decades, and hundreds of millions of people could be pushed into poverty as a result.