Where pandemic has ruined many businesses around the globe, at the same time it also enhanced the businesses of many people. You can take the instance of Australia’s Billionaires who became 50% richer during the pandemic. The united wealth of Australian Billionaires has risen to more than 50% over the year, and the new figures depict rapid concerns that the pandemic activated decline has “turbocharged” the space between the rich people and the poor people.
Initially, when the virus spread over the globe, the collective worth of Australian billionaires dropped and that was estimated in March 2020, but when the COVID-19 restrictions increased up, before recoiling firmly and increasing throughout the time of the year, the combined wealth was again estimated in December 2020 to be increased by 52.4% higher than the last December of 2019.
In comparison to this, Billionaires of the US and UK also strived to record their worth and found the result that they became about 25% richer over the pandemic time.
Andrew Leigh (the Labor frontbencher), commented that the figures tend to remind us of the significance of tackling inequality, which is much higher in Australia than in any other country.
Australian Billionaires are quite happy on this remarkable increase and reported that any of the reader who would be blowing the air if he gets a 20% increase in his wealth and he will be, definitely, very excited. But if he gets a 50% increase in his total worth, he would be double fist-pumping the air. And that is the same story for the typical Australian Billionaire.
Leigh, contrasting, commented that regular families were already in a tough situation before the rule of a pandemic. He also stated that the real fact is for those who keep on struggling the whole terrible year and 2021 is going to be a rough year indeed. He quoted “anemic” income growth, homeownership to be at list lowest level in the last six decades. Besides, high-paid workers can now work more easily while sitting at home than low paid workers. While rich Australians can move the share market roller coaster, and approximately 1 million people with inadequate resources have pulled the worth out of superannuation.
Whereas, Bloomberg news reports that it tracks billionaires’ worth on the support of the market and thus the economic movements and its reporting.
Previously, it has been reported that Lew pocket $24.25m in dividends after his trade empire, Premier Investment, got about $70 million in payment as financial support during the COVID crisis. But according to the words Lew, in September 2020, Premiers dividend worth didn’t have anything to do with job keeper as a fund and that was just based on pure trading.
Josh Frydenberg, the billionaire, said that the alliance had been passed with key pieces of legislation over the past year just to moderate the reign of the Covid-19 pandemic, and thus keeping Australians in jobs, businesses in business, and flashing a faster than predictable economic improvement.
In a statement concerned on Monday, Frydenberg said those job keepers had been an economic lifeline to millions of Australians”. He reported that Reserve Bank analysis released in November indicates that it had kept at least 700,000 jobs.