More than three-quarters of the world’s richest people have reported an increase in their already vast family fortunes, despite the economic shock caused by the coronavirus pandemic.
Research into the family offices of the super-rich found that the vast majority were able to “ride out 2020’s storm in financial markets”, while many less wealthy people have lost their jobs and seen the value of their savings and pensions collapse.
The report by the Swiss bank UBS found that 77% of the richest families – who had average fortunes of $1.6bn (£1.25bn) – had seen their investment portfolios “perform in line with, or above, targets during one of the most volatile moments in the history of financial markets”. » | Rupert Neate, Wealth correspondent | Thursday, July 16, 2020
