RIO DE JANEIRO, BRAZIL – Brazilian billionaires‘ fortunes grew by 39 percent between April and July 2020, despite the coronavirus pandemic, according to a report by Swiss bank UBS and PwC. The wealth of national billionaires has virtually doubled since 2009, with an increase of 99 percent.
According to the survey, the wealth of Brazilian billionaires totaled US$176.1 billion by the end of July, compared to US$127.1 billion in early April this year and US$66.6 billion in 2009.
With this figure, Brazil ranks tenth in the list of countries with the largest fortunes held by billionaires.
Leading the ranking are the United States, where billionaires’ fortunes reached US$3.6 trillion in July, China (US$1.7 trillion), and Germany (US$594.9 billion).
In the three countries, billionaires’ wealth grew 22, 41, and 33 percent, respectively, between April and July 2020, showing that Brazil is not alone in enriching the ultra-rich amid the global public health emergency.
Worldwide, billionaires’ wealth reached US$10.2 trillion (R$57.1 trillion) by the end of July, growing 27.5 percent over April.
According to UBS and PwC, the figure represents a new record in relation to the peak of US$8.9 trillion recorded in late 2017. The number of individual billionaires reached 2,189, up from 2,158 that year.
According to the institutions, the “V” recovery in the capital markets between April and July boosted the new record in the billionaires’ fortune.
Industry and technology sector billionaires saw their wealth increase more than other sectors, with growth of 44.4 and 41.3 percent, respectively.
“Industry benefited disproportionately, as markets priced a significant economic rebound, while technology companies performed well both because of the demand driven by the coronavirus for their products and services, and by markets discounting the value of their future cash flows in an environment of low interest rates,” notes UBS and PwC.
On the other hand, real estate billionaires saw their fortunes shrink by 13.2 percent, with capital markets doubtful of the power of future demand for office and commercial real estate.
Below is the list of countries where billionaires own the largest fortunes:
- United States – US$3,608.6 billion
- China – US$1,680.9 billion
- Germany – US$594.9 billion
- Russia – US$467.6 billion
- France – US$442.9 billion
- India – US$422.9 billion
- Hong Kong – US$356.1 billion
- United Kingdom – US$205.9 billion
- Canada – US$178.5 billion
- Brazil – US$176.1 billion
Source: UBS and PwC. Data for July 2020.
Source: Folhapress