Billionaires Who Increased Their Net Worth During the Pandemic

billionaires increasing net worth

While some of us struggled during the pandemic, billionaires prospered

The Coronavirus pandemic has caused economic and social upheaval likes the which many of us have never seen before. A record single day drop for the DOW at the start of the pandemic. Some 46 million Americans out of work and filing for unemployment. Small businesses forced to close or modify their operations. And, global changes to our way of life. But, not all of us have suffered. America’s top billionaires have seen their net worth’s surge by nearly 20% during this same time-period.

Some Statistics

According to the Institute for Policy Studies and Americans for Tax Fairness, between March 18 and June 17 the total net worth of 643 American billionaires increased from $2.9 trillion to $3.5 trillion. 29 new billionaires were created during this time as well. In all, the collective net worth of America’s billionaires has increased by $584 billion.

The top 5 billionaires in the country saw their wealth increase by $101 billion, or 26% since the initial lockdowns were imposed in March. Here is the list and the change in net worth from March 18 to June 17.

Jeff Bezos – $113.0b to $156.8b. A 38.7% increase

Bill Gates – $98.0b to $109.5b. A 11.7% increase

Mark Zuckerberg – $54.7b to $86.8b. A 58.6% increase

Warren Buffet – $67.5b to $71.9b. A 6.6% increase

Larry Ellison – $59.0b to 69.0b. A 17% increase

Nothing New

This is not the first time that wealthy Americans have prospered while the majority of people fell on challenging times. 2005 saw a huge increase in the fortunes of some of the nation’s top real estate developers after Katrina destroyed much of New Orleans. The financial crisis in 2008 and 2009 was a boon to the top 1%, as low interest rates and government friendly policies allowed them to make investments that were out of the reach of the average American. In 2010, the earthquake in Haiti opened opportunities for many DC based construction companies, as they were awarded government contracts.

Final Thoughts

So, what can be done about billionaires prospering while the average American struggles? Should anything be done? What realistically could be done? As you may know, having money opens opportunity. Having lots of money opens even more opportunity. With wealth comes connections, friendly tax codes, and opportunities to invest in assets not open to the general public. Comment below on what your thoughts on this are.

Read Also:

Do You Know Your Net Worth? Here’s How to Figure It Out

Assets that Increase Your Net Worth

Average Net Worth by Age

How to NOT Protect Your Net Worth

 

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