Israel's billionaires hit by Covid-19 economic crisis

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The number of millionaires in Israel has remained stable but Israel's 10 billionaires have become poorer during the pandemic, Credit Suisse reports.

Despite the Covid-19 pandemic and resulting economic recession, the number of millionaires in Israel remains stable at 157,290 according to the latest wealth report from the research department of Swiss bank Credit Suisse. This is a slight fall of 0.1% from 157,440 at the start of the year. According to the report the average Israeli millionaire has net assets of $3.33 million. Israel is ranked 30th worldwide in terms of the numbers of millionaire living here.

The average assets held by all Israelis was $220,996 at the end of June 2020 and Israel is ranked 20th in the world in terms of average wealth per adult.

There are 10 billionaires in Israel, according to Credit Suisse. According to the Forbes ranking these billionaires are Eyal Ofer, Stef Wertheimer, Teddy Sagi, Yuri Milner, Shaul Shani, Idan Ofer, Shari Arison, Arnon Milchan, Yitzhak Tshuva and Gil Shwed.

These billionaires have been hit by the Covid-19 crisis. And as of June had lost some $2.7 billion on average due to the fall in the financial markets, while the average billionaire worldwide saw their wealth rise by $2.8 billion during the period of the pandemic.

At the peak of the crisis (March 18), the Israeli billionaires had seen their wealth fall by 68% compared with the previous month but by June some of this amount had been recovered.

Published by Globes, Israel business news - en.globes.co.il - on October 25, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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