Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6799419670081392640
Record #COVID #Billionaire #Wealth #Surge: $5tn to $13tn in 1-yr:
How #Pandemic #stimulus made world’s ultra-rich most wealthier:
https://lnkd.in/epk-wyR: Total wealth of billionaires worldwide rose by $5tn to $13tn in 1-year, most dramatic surge ever registered by Forbes. As #virus spread, #central #banks injected $9 Trillion into #economies worldwide, much of that #stimulus went into #financial #markets with a record surge in the net worth of #ultrarich.
Over past two decades, as the global population of billionaires rose more than 5x, the largest fortunes rocketed past $100B. China is no longer as statist as admirers of Chinese #state #capitalism think. Not only did its billionaire population explosion dwarf all others in 2020 but together they added nearly $1T to their collective fortunes, which nearly doubled as a share of GDP to 15%. Before the 2010s, Beijing seemed to be enforcing an unwritten rule that no fortune should surpass $10bn. As big #internet companies took off, the net worth of their founders shot up and, perhaps before authorities could react, surpassed $10bn for the first time in 2014. Just seven years later there are more than 50 Chinese deca-billionaires.
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