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COVID-19 and Global Wealth

23 May 2020 by News Desk

COVID-19 Global Wealth Update: Some of the world’s largest companies and richest individuals have seen their fortunes grow at a staggering pace over recent years. Total global wealth at the end of 2019 was $360.6 trillion.

But even the wealthiest companies and individuals aren’t immune to the impact of the coronavirus and leading analysts say 51% of current billionaires are worth less than they were last year.

KIS Finance has explored how the COVID-19 emergency is affecting global wealth and have found some very interesting results.

• The top 10 wealthiest companies in the world have a combined market capitalisation of $9.2 trillion, equal to GDP of the world’s third most wealthy country.

• The combined market caps of the top 7 companies in the USA of $6.2 trillion is more than double the GDP of the entire United Kingdom.

Global Wealth Update

• The UK’s top 10 wealthiest companies’ combined market cap is greater than the GDPs of Indonesia; The Netherlands; Saudi Arabia; Turkey and Switzerland

• The world’s top 10 richest billionaires’ combined net worth of $686.4 billion would place them 21st in the list of wealthiest countries in the world if you were to turn their worth into a GDP.

• The coronavirus pandemic has taken its toll on even the richest, with 226 less billionaires at the end of March 2020 than at the beginning of the same month.

• The 147 billionaires in the UK have seen a reduction in their wealth of £34.156 billion since last year.

Global Wealth Update

According to International Monetary Fund (IMF) data, the USA alone makes up 23.6% of the world’s economy, followed by China with 15.5%.

If you combine the nominal GDPs of the top 10 economies in the world, this adds up to 66% of the world’s economy.

he top 20 economies contribute just under 79%. This means that the remaining 173 countries together constitute less than a quarter of the world’s wealth and less than that of the USA.

• Which companies are generating the greatest wealth.

If you combined the wealth of the world’s top 10 companies and made their collective market capitalisation equivalent to a GDP, they would sit as the world’s third most wealthy country, only being beaten by the GDPs of the USA and China. The combined market capitalisation of the top 7 American companies alone would equal $6.2 trillion, which equates to a massive 29% of the entire USA’s GDP.

The top 10 billionaires in the world have a net worth of $686.4 billion. This would place them 21st in the list of wealthiest countries in the world if you were to turn their worth into a GDP.

Global Wealth Update

UK rich list – The UK’s billionaires have seen mixed fortunes over the last year with many seeing their wealth reduce as a result of the economic impact of the coronavirus. According to the May 2020 Times Rich List there are 147 billionaires currently in the UK with a combined wealth of £490.687 billion, a reduction of £34.156 billion from last year.

The future

The impact of Coronavirus on global markets is set to have a long lasting effect on economies. It will be interesting to see what, if any, change occurs in the size and distribution of global wealth in the future.

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