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“How can we [ …] fight increased inequality?” railed Ralph Hamers in a recent interview. To be clear, Hamers is not the boss of UNICEF, or Oxfam or the Social Mobility Foundation. He is chief executive of Swiss bank UBS, one of the biggest beneficiaries of the widening wealth gap.
UBS’ latest results quantified that benefit. Second-quarter net profit surged 63 per cent to $US2 billion ($2.7 billion). Clients’ invested assets were up by a quarter in the year to June, at $US4.5 trillion. There was a bit of net new money ($US34 billion in the quarter), but most of the increase was because of soaring markets.
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