PwC, UBS: Russian billionaires’ wealth rises 20% during COVID

MOSCOW, Oct 7 (PRIME) -- The combined wealth of 102 Russian billionaires expanded by 20% from April through the end of July during the coronavirus pandemic to U.S. $467.6 billion, international consulting company PwC and Swiss bank UBS said in a report seen by PRIME on Wednesday.

The wealth of Russia’s wealthiest people amounted to $388.9 billion on April 7 and  grew by 20% until the end of July to $467.6 billion. Financial services, industry, entertainment, and media were the major drivers for the increase.

“This year’s report covered the COVID-19 period that had an impact on the development of economies of all countries. Russia generally repeats the global development tendencies,” Yekaterina Lazorina, PwC tax and partner in Russia, said.

“The key problems on the agenda of the ultra-wealthy clients are the problems of sustainable development and social responsibility. Contribution of businesses to development of the economy is the most urgent due to the crisis.”

The combined wealth of all billionaires of the world set a record of $10.2 trillion as of the end of June. The wealth of Chinese billionaires expanded by 41% from April through July to $1.68 trillion, while the wealth of U.S. billionaires went up by 24% to $3.6 trillion.

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