The number of UK billionaires has increased by a fifth since the onset of the Covid pandemic.
The number of UK billionaires increased from 147 in 2020 to 177 this year, with the median billionaire now holding about £2bn.
“This sudden explosion in extreme wealth was in large part due to measures aimed at lessening the impact of Covid-19 on the economy, as central banks pumped trillions of dollars into financial markets, leading to a stock market boom which effectively lined the pockets of shareholders...” Jo Wittams, co-executive director of the Equality Trust, said. “...Every year we are invited to celebrate the very richest individuals and families in the UK, while food bank usage continues to increase, 3.9 million children are living in poverty and 6.7m households struggle to heat their homes. That these are two sides of the same coin is very rarely mentioned.”