Loved this recent parody by the Lincoln Project:
Wednesday, October 21, 2020
Wednesday, October 7, 2020
If You Are a Billionaire, You Need to Vote for President Trump
He's got your back.
The pandemic has helped the rich get richer, according to a new study. But it has also led to greater philanthropy.
Total wealth held by billionaires reached $10.2 trillion in July 2020, a new high, according to a report by UBS Global Wealth Management and PwC Switzerland. The previous peak was $8.9 trillion, reached 2017.
The world has 2,189 billionaires, up from 2,158 in 2017. Entrepreneurs in tech, health care and industrial sectors gained the most during 2018, 2019 and the first seven months of 2020, trends accelerated by the coronavirus pandemic.
The virus has also spurred billionaires to give more of their money away than ever before, with some 209 billionaires committing $7.2 billion in financial donations, goods and equipment or other types of gifts over the past few months, the report stated.
The study also predicted that billionaires will play a crucial role in the recovery and rebuilding process after the health crisis is over.
“When the storm passes, a new generation of billionaire innovators looks set to play a critical role in repairing the damage,” the report stated. “Using the growing repertoire of emerging technologies, tomorrow’s innovators will digitize, refresh and revolutionize the economy.”
The report comes at a time when the virus is widening social and economic divisions. The pandemic has been a financial boon to some wealthy Americans, while research suggests that those in lower economic strata are likelier to catch — and die from — the virus.
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