How Millions Became Millionaires During the Covid Pandemic

How Millions Became Millionaires During the Covid Pandemic

Did you know that during the pandemic, more than five million people became millionaires? Poor people became poorer, and rich people became richer. The pandemic crisis has aggravated inequalities between the rich and the rest of the population. The rich have benefited from the switch online during lockdowns, while others gained from rising asset prices. 

In this time in history, engineers, scientists, and computer programmers revolutionized industries at a fast pace, and they are having a deep impact on the global economy. Technology changed business models, services, and products. It was a matter of time before this would happen, the pandemic only accelerated the process.

Do You Want to Be a Millionaire?

During the COVID-19 pandemic, the number of millionaires has increased. There are more than 21,000,000 millionaires in the U.S according to Global Wealth Report. Across the globe, the number of millionaires has grown to 56.1 million. Much of the new profit can be credited to the rises of the stock prices and the real estate estimation.

Sources of Wealth

You won’t believe it, but becoming a millionaire is not that hard. Most millionaires built their wealth themselves, they did not inherit their wealth.

 Economists are still measuring the impact of the pandemic on the overall economy. The first results were expected: a drop in GDP (gross domestic product), higher unemployment, and reduced consumer spending. But, the stock markets and the real estate price came back big time, and they are the main sources of wealth. Millionaires achieved an immense gain. 

Many of them got engaged in FX trading, dabbling in the currency market with reliable forex brokers as well as with the top unregulated forex brokers. As the real estate values soared, the list of new millionaires got longer. In the meantime, people who could not work remotely or worked service jobs suffered from financial hardship.

The New Age

As the coronavirus spread, the central banks pumped $9tn into economies worldwide. Much of that money went into financial markets. From there it went into the net-worth of the super-rich. The overall wealth of millionaires across the world in 12 months rose by $5tn to $13tn. 

The pandemic definitely accelerated many social and economic trends that were already in motion. Millionaires grew at a record pace. This raises a warning of anti-wealth backlashes. In wealthy countries, these stirs are focused on regaining wealth through taxation without addressing the essential driver of the market and the millionaire boom; easy money rolling out of central banks resulting in wealth inequality.

What Happens Next?

Some millionaires had a really good pandemic. Governments will probably address the inequality with some kind of measures. The pandemic pushed the global economy into a recession since the 1930s. The most powerful countries in the world are creating millionaires. The increase in the fortune of the rich during the coronavirus in which so many people were pushed into poverty, provides more proof that we live in a strange economy and society.