Global billionaires' wealth crosses $10.2 trillion amid COVID-19

The total billionaire wealth rose by more than a quarter during the early months of the coronavirus pandemic to reach $10.2 trillion in July, breaking the previous record of $8.9 trillion at the end of 2017.

The number of billionaires has also hit a new high of 2,189, up from 2,158 in 2017.

The surge was on account of jump in stock prices and gains in technology and healthcare sector. The billionaires in the technology, healthcare and industrial sectors led with 36 per cent to 44 per cent gains between April 7 and July 31 this year.

Geographically, China benefited the most, as billionaire wealth grew fastest of all in Asia. By early April 2020, there were 389 Chinese billionaires, worth a total of $1.2 trillion. Their wealth had grown by almost nine times, compared with twice in the US.

In United States, billionaires donated far more than others during 2020's upsurge in charity, almost $4.6 billion.