Billionaires such as Amazon CEO Jeff Bezos and Microsoft big shot Bill Gate expanded their riches by right around a fifth a year ago, as per another report into high total assets people.
The development implies a super-rich first class now hold the best convergence of riches since the ‘Overlaid Age’ of the mid twentieth century.
The annual report, released today by UBS and PwC, revealed 145 new dollar billionaires were created last year as their wealth ticked over from the multimillions.
It also revealed more billionaires are investing in philanthropic projects including art and sport as they face pressure to ‘give back’ amid rising inequality.
Josef Stadler, the report’s lead author and head of global ultra high net worth at UBS, said despite controlling vast swathes of the world’s cash the mega-rich support the global economy through “the people they employ and the growth they foster”.
But Dr. Marcel Widrig, partner and pivate wealth leader at PwC claims it is “not enough anymore” for the rich to preserve and grow wealth.