The world’s non-billionaire class did not need Covid-19 to inspire envy of the ultra-rich. But the virus helped – Swiss bank UBS estimates that the world’s richest increased their collective wealth to over $10 trillion during the pandemic, its highest ever level. Nonetheless, there have been downsides for billionaires over the past year.
This will need some explaining, especially after the staggering figures involved. Leading 2020's rich list is Jeff Bezos, the founder and chief executive of Amazon, whose wealth has increased by 80 per cent, to a little over $200 billion. Elon Musk has grown his wealth considerably, too, by more than $68bn. Mark Zuckerberg of Facebook has become $54.7bn richer.
Understandably then, many predict a bright financial future for the world’s billionaires. Dominant sectors on the list like technology, which has played such an important role in the pandemic, will continue to expand at pace with numerous lockdowns set to stretch into 2021.
These facts jar against the wider world’s economic state. Data from the UN’s International Labour Organisation suggest that global total working hours fell by 14 per cent in the second quarter of 2020, the equivalent of the loss of 400 million full-time jobs.
The gaffes of some billionaires during this time of growing inequality have also exacerbated divisions. American magnate David Geffen, for instance, was widely criticised for a series of badly judged social media posts last March. As much of the world was heading into lockdown, Mr Geffen posted a picture of his $590m superyacht against an evening backdrop of the Grenadines, with the caption “Sunset last night ... Isolated in the Grenadines avoiding the virus. I’m hoping everybody is staying safe”. Ridicule was swift, with users sarcastically thanking him for his thoughts. He deleted his Instagram account soon after.
Such mishaps risk tarnishing the huge philanthropic efforts undertaken by some of the world’s wealthiest individuals. Bill Gates, co-founder of Microsoft and co-chair of the Bill & Melinda Gates Foundation, is estimated, as of June 2020, to have given over $50bn to charity. At one point in 2010, he pledged to give away 95 per cent of his fortune. Last year, the Chronicle of Philanthropy ranked Mr Bezos’s gift of $10bn to support non-profits combatting climate change, as the largest donation of 2020.
Reminding the world of such actions is one way the wealthiest aim to build, or rebuild, their reputations. But it will not be enough, because an extreme distrust of celebrity billionaires by a small but growing minority falsely alleges far more sinister motivations.
Take the case of Mr Gates’s global vaccine alliance, Gavi, which has vaccinated more than 822 million children in the world’s poorest countries. It has become the unjustified target of a vocal fringe of conspiracy theorists online.
Those who are not so conspiratorially minded are focusing their anger from the havoc of Covid-19 on billionaires, too. Humans are pattern-seeking animals, and in the chaos of the pandemic the patterns some spot are extreme. Instinctively, it is both conspicuous and galling the way that some stay wealthy while the finances of ordinary people spiral out of control.
We should label conspiracy theories for what they are: dangerous and vindictive falsehoods. But nations, particularly capitalist ones, must start to have frank discussions on the growing anger in some countries about the very existence of billionaires, as well as what responsibility they have to the rest of the population.
A lot is revealed about a society in how it approaches its wealthy citizens. As the American left grows more active, increasing numbers in the Democratic Party advocate socialist policies – something previously considered unthinkable in a country that bills itself the centre of western free-market capitalism. In the UK, Peter Mandelson, a former adviser in the 1997 “New Labour” government, famously said that the government's movement was “intensely relaxed about people becoming filthy rich”. This became the summary quote of the Labour Party’s move to centrist politics, and bitterly resented by the organisation’s socialist left.
As institutional trust wanes in the West, it is inevitable that some will label capitalism’s most successful men and women part of the problem. Perhaps, in some cases, this can be true, for those billionaires who take on the trappings of James Bond-style super villains, cocooned in floating palaces, seemingly preserving only their own safety.
Billionaires' gaffes have exacerbated divisions
But there is a place for the entrepreneur to transform the world for the better and to be a responsible actor while acquiring – and being incentivised by – immense personal wealth in the process. Governments must continue to debate various strategies to address unfairness, in a manner that does not limit prosperity. There are obvious places to start, such as more effectively combatting tax avoidance, a practice open only to those who have the resources to exploit complex legal loopholes.
Before the pandemic, debating the ethics of extreme wealth accumulation was primarily about economic fairness. The pandemic, and the anxiety and distrust it has caused, has given the debate consequences for public health, too. If billionaires want to continue doing good, they need to beware.
Thomas Helm is a staff opinion writer at The National
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Killing of Qassem Suleimani
SQUADS
Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz
Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage
Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)
Killing of Qassem Suleimani
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
MATCH INFO
Everton v Tottenham, Sunday, 8.30pm (UAE)
Match is live on BeIN Sports
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What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
SUZUME
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
