World's billionaires became 20% richer in 2017, report reveals

World's billionaires became 20% richer in 2017, report reveals:

UBS report shows billionaires increased fortunes by $1.4tn, more than the GDP of Spain

Billionaires made more money in 2017 than in any year in recorded history. The richest people on Earth increased their wealth by a fifth to $8.9tn (£6.9tn), according to a report by Swiss bank UBS.

The fortunes of today’s super-wealthy have risen at a far greater rate than at the turn of the 20th century, when families such as the Rothschilds, Rockefellers and Vanderbilts controlled vast wealth. The report by UBS and accountants PwC said there was so much money in the hands of the ultra-rich that a new wave of rich and powerful multi-generational families was being created.

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