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Wealth of the super-rich reaches record levels

When billionaires are wealthier than ever before, making cuts to public services that will penalize low- and middle-income people to pay for the costs of the COVID-19 pandemic is obscene.

Ottawa (16 Oct. 2020) — While most of the world’s population is struggling to get by, the very wealthy are now richer than ever before. According to a report from UBS, a multinational bank based in Switzerland, the holdings of the world’s billionaires are now worth US $10.2 trillion, or about C$13.56 trillion. This is higher than the previous record of US$8.9 trillion.