Wednesday, December 2, 2020
Home Uncategorized Billionaires’ wealth tops $10.2 TRILLION as millions struggle amid pandemic

Billionaires’ wealth tops $10.2 TRILLION as millions struggle amid pandemic

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CEO of Amazon Jeff Bezos
DESPOTIC DOZEN: Top 12 US oligarchs now own $1 TRILLION in total wealth – more than GDP of Belgium & Austria combined

Stadler explained that the super-rich were able to benefit from the crisis because they had “the stomach” to buy more company shares when equity markets around the world were crashing. Billionaires typically have “significant risk appetite” and were confident to gamble some of their considerable fortunes.

READ MORE: Wealth tax is almost impossible, says billionaire Jamie Dimon

The fact that billionaire wealth had increased so much at a time when hundreds of millions of people around the world are struggling could lead to public and political anger, Stadler said. “Is there a risk they may be singled out by society? Yes,” he said. “Are they aware of it? Yes.”

He has previously warned that the widening inequality gap between rich and poor could lead to a “strike back.”

For more stories on economy & finance visit RT’s business section

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