COVID-19 has served as a boost to the finances of some of the world’s richest, with the top 5 worth more than 80 poorest countries combined.
The isthmus between the rich and the poor has been widened further by the pandemic; while some individuals lost their sources of livelihoods, some, on the other end of the financial spectrum smiled to the bank.
Companies and execs in the tech business have made big banks, while companies in sectors like aviation, hospitality, and real estate have suffered the biggest setbacks.
In the last year, tech industry billionaires have recorded the biggest gains.
Data released by AksjeBloggen, a Norwegian investment platform, stated that the combined wealth of the top five tech billionaires in the US rose to $567 billion in February.
READ ALSO: How Stanbic IBTC Is Empowering Female-led Startups For Economic Growth
Top 5 Tech Billionaires And Global GDP
Tesla’s co-founder Elon Musk shot to the top of the billionaires’ list after Tesla’s share price increased, with a net worth of $190 billion.
The value of his electric car company surged to $700 billion, worth more than Volkswagen, Hyundai, Toyota, Ford, and GM combined.
Amazon chief Jeff Bezos, who recently announced that he would step aside as CEO of Amazon, saw year-on-year growth in his fortunes of 65 percent.
With many countries on lockdown, the need for tech services has expanded. Services ranging from education to e-commerce to health care and business; are all provided by tech companies whose bottom line continues to be robust.
READ ALSO: How Nigeria, Other African Countries Can Forge An Inclusive Economic Recovery
Amazon’s wide range of services including entertainment, groceries, tech gadgets, among others became highly demanded by consumers.
The high demand caused the tech giant to add some 175,000 employees to its workforce to keep up with orders.
In 2020 alone, Bezos’ wealth grew by $74 billion, bringing his net worth to about $187 billion.
His net worth, according to the International Monetary Fund (IMF)is closest to New Zealand (GDP: $193.5 billion, global ranking 53) and Iraq ($178 billion, global ranking 52).
Microsoft founder Bill Gates dropped to the third position with a net worth of $133 billion.
In 2020, the philanthropist who is working closely with the World Health Organisation (WHO) and big pharmaceutical companies, saw a surge in his wealth by $22 billion.
His net worth is close to Algeria’s $147 billion.
With a 26 percent growth in 2020, Facebook co-founder Mark Zuckerberg raked in $39 billion, pushing his wealth to $99 billion.
His net worth is a combination of the GDP of Tunisia, Cameroon, and Zimbabwe.
Google’s co-founder Larry Page with a net worth of $83.9 billion is richer than Sri Lanka.
Head of UBS – a Swiss bank – Josef Stadler, said, “Billionaires did extremely well during the Covid crisis, not only [did] they ride the storm to the downside, but also gained up on the upside [as stock markets rebounded].”
