Tags: Coronavirus | billionaires | coronavirus | forbes

Billionaires Get A Bounce In Pandemic

gold piles up
(Dreamstime)

By    |   Thursday, 21 May 2020 09:00 PM

The fortunes of America’s billionaires fattened by $434 billion during the lockdown between mid-March and mid-May, a new report showed.

In a report by Americans for Tax Fairness and the Institute for Policy Studies – Program on Inequality, data shows between March 18 and May 19 the total net worth of the 600-plus U.S. billionaires jumped 15% — from $2.948 trillion to $3.382 trillion.

The analysts crunched the numbers based on Forbes data.

The top five U.S. billionaires—Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett and Larry Ellison — saw their wealth grow by a total of $75.5 billion, or 19%. 

Together they gained 21% of the total wealth growth of all 600-plus billionaires in the last two months. The fortunes of Bezos and Zuckerberg together grew by nearly $60 billion, or 14% of the $434 billion total, the study found.

In March there were 614 billionaires on the Forbes list, and 630 two months later, including newcomer Kanye West at $1.3 billion.

The billionaire gains highlight how the pandemic has rewarded the largest and most tech-focused companies, even as the economy and labor force grapples with the worst economic crisis in recent history. 

Because the study timeline covers the stock market bottom and rebound, it paints a sunnier picture for billionaires than the full year, CNBC reported. For the year, Buffett’s wealth has declined by $20 billion, according to the Bloomberg Billionaire’s Index, while Gates is down by $4.3 billion. For the year, Jeff Bezos has gained $35.5 billion while Zuckerberg is up by $9 billion.

There were some losers during the two-month period, especially for billionaires in the travel, hospitality or retail business who have yet to see their stocks and companies recover, CNBC reported.

Ralph Lauren saw his wealth drop by $100 million to $5.6 billion, while hotelier John Pritzker saw his wealth drop by $34 million to $2.56 billion.

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The fortunes of America's billionaires fattened by $434 billion during the lockdown between mid-March and mid-May, a new report showed.In a report by Americans for Tax Fairness and the Institute for Policy Studies - Program on Inequality,...
billionaires, coronavirus, forbes
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2020-00-21
Thursday, 21 May 2020 09:00 PM
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