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Billionaires get richer with Covid, but they are also more supportive

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The wealth of billionaires has reached new highs in the middle of the Covid-19 pandemic. At the end of July 2020, it exceeded 10 trillion dollars (8.5 trillion euros), while in 2017 it was 8.9 trillion dollars (7.6 trillion euros). On the other hand, in addition to being richer, they are increasingly more supportiveThey make record donations to curb the coronavirus, have increased philanthropic acts and play a key role in economic recovery.

Total billionaire wealth reached $ 10.2 trillion (8.6 trillion euros) in July, reaching a new peak after the rebound in the form of 'V' that has occurred this year in asset prices. This level exceeds the previous high of $ 8.9 trillion (7.6 trillion euros), reached at the end of 2017. There are now 2,189 billionaires, while in 2017 there were 2,158, according to the report 'Billionaires insights 2020 – Riding the storm'.

Despite the fact that the year 2020 has been marked by the Covid-19 crisis, the potential for transformative innovation has never been greater, as new technologies have evolved significantly: from artificial intelligence (AI) to 3D Printing, or from nanotechnology to biotechnology. There are a lot of emerging sciences that entrepreneurs are beginning to apply to develop entirely new products and services, as well as to become business leaders.

POLARIZATION OF FORTUNES

In addition, the report indicates that we are in a moment of accelerated change that is reflected in the polarized fortunes of billionaires. On the one hand, innovative Y disruptive, keep increasing your wealth. Disruptive innovation occurs when new products or services start at the bottom of the market but end up crowding out your competitors.

According to Clayton Christensen, professor at Harvard Business School and creator of this concept, it is an innovation that transforms an existing market or sector by introducing simplicity, convenience, accessibility and affordability, where complication and high cost are the ' status quo'.

On the other hand, the rest of the billionaires are "on the wrong side of the economy, focused on certain technological, social and environmental trends" that cause a decrease in their wealth.

The Covid-19 crisis has accelerated this divergenceconsidering that during the last decade steady growth and asset prices have increased the wealth of billionaires. It was a time of prosperity for entrepreneurs regardless of their sector, but in the last two years, those who have used technology to change their business model, products and services have been ahead of those who have not.

DONATIONS, PHILANTHROPY AND ECONOMIC RECOVERY

More and more billionaire philanthropists are pursuing the goals of sustainable development introducing new objectives to the companies with which they are associated, as well as to their investors. The aforementioned study suggests that billionaires are using renewable energy and wealth to address the environmental and social problems that the pandemic and recent natural disasters have highlighted.

Likewise, to face the pandemic, businessmen have set donation records in a space of a few months. Some 209 billionaires have pledged to contribute a total of $ 7.2 billion, either through financial donations, manufactured goods and equipment, or other avenues.

Finally, a new generation of billionaire innovators will play a critical role in the damage repair caused by the current crisis. These entrepreneurs will "revolutionize the economy" through the growing repertoire of new technologies that will help them build a financial and social bridge, as well as alleviate environmental deficits.

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