Not All Billionaire Philanthropists Are Created Equal

Last year, the global billionaire population increased by 8.5 percent to 2,825 individuals, with North America and Asia seeing the strongest growth in both number of billionaires and collective net worth; however, not all billionaires are created equal, and even the 1 percent have been significantly impacted by the fallout from COVID-19.

According to the recently released Wealth-X Billionaire Census 2020, “the number of billionaires in technology, insurance, business services and health care grew by between 6 percent and 9 percent during the first five months of 2020 compared with 2019…Billionaires in shipping, apparel (including luxury) and aerospace experienced the worst performances.”

While the seventh and latest edition of the annual report still contains a review of billionaire developments from 2019, Wealth-X took a two-pronged approach this year, dedicating a portion of the census to examining how this exclusive group has fared during the first half of 2020—specifically shining a spotlight on philanthropy and how billionaires are giving to help in the fight against the pandemic.

https://www.worth.com/not-all-billionaire-philanthropists-are-created-equal/

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