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Globalization epidemic profitable for the super-rich

Exorbitant wealth increases at Jeff Bezos, Bill Gates & Co.

The much-vaunted “second wave” will ensure further exorbitant increases in wealth for Jeff Bezos (right) and Bill Gates, the two richest people in the world this fall and coming winter.

The wealth of the world’s ultra-rich has soared to a staggering $10.2 trillion by the end of July 2020 . At the end of 2017 that was $ 8.9 trillion. Since then, the number of billionaires has risen by 31 to 2,189.

Nonetheless, a pitiful 70 billionaires have lost this super-rich status in the past two years. There are currently 45 billionaires living in Canada, led by David Thompson with 33 billion dollars. All this and much more emerges from the publication of a study by the major Swiss bank UBS and the consulting company PWC.

The big winners of the globalization epidemic Covid-19 are those super-rich from the technology and health industries because their assets, according to the study, rose by 41 and 36 percent from the beginning of April to the end of July 2020. The much-vaunted “second wave” will ensure further exorbitant increases for Jeff Bezos and Bill Gates, the two richest people in the world, this fall and next winter. Against them, Donald Trump is a poor man, and who is also despised by both.

It is a bit ridiculous when the study praises the fact that between March and June 2020, more than 200 billionaires are said to have donated a total of 7.2 billion dollars to help fight the globalization epidemic. For most donors, these are tax-saving donations. Nothing is known about the amount of donations made by Canadian billionaires. Canadian super-rich are investing diligently in business models with a digital perspective. In doing so, they ensure that they will become even richer in the future. Because according to UBS, it is certain that “technological progress will mean that the fortunes of billionaires will continue to grow.”

What is of course not addressed in the UBS study: who ensures that these assets grow, and what political and social consequences this development already has and will have in the future. In fact, there are already strong plutocratic tendencies in the western world, i.e. a large and growing influence of the super-rich on the political and economic structure of societies. On November 3, the US will decide whether the plutocrats there with their democratic puppet Joe Biden will succeed in chasing the small billionaire Donald Trump out of office.

The outcome of the election will mark the potential for power of the super-rich. In any case, none of them have to fear Covid 19: the risk of infection is minimal on their private islands and luxury properties. And by vaccinating billions of non-billionaires, they will all make another huge profit. Or is that another vicious conspiracy theory?

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