The near-$150 billion premium came as demands for key vaccines and medications increased, and health services across the world were left feeling the strain.
The wealth increase widens when you compare the healthcare sector from the beginning of 2018 to the end of July 2020. Over that period, total wealth held by 1,690 healthcare billionaires included in the study increased by 50.3 percent to $658.6 billion. The study excluded dropouts and new entrants.
In the same period , technology billionaires' total wealth rose by 42.5 percent to $1.8 trillion, supported by a surge in tech shares.The increase is smaller for the billionaire class as a whole. It rose by 19.1 percent to $10.2 trillion from the start of 2018 to July 2020. Of the increase, Josef Stadler, head of the Global Family Office unit at UBS Global Wealth Management, said:"This is a key moment in economic history. Scientists, computer programmers and engineers are revolutionizing industries at a pace never seen before and they are having a profound impact on the whole of the global economy.
The report puts billionaires' successes down to the fact that they are"innovators" and"disruptors" in both sectors. However, the fact remains that the pandemic has increased the necessity for both functioning healthcare systems and new tech to handle things such as the push to working from home and the creation of test and trace systems.
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