Pandemic increased net worth of 643 richest Americans by 29%, March 18-Sept. 15, per Forbes study. Bloomberg +14%, Bezos +55%

Oct. 6, 2020, “Billionaires’ Wealth Surges To A Record $10.2 Trillion During The Pandemic,” Forbes, James Phillipps

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Oct. 9, 2020, “New York’s Billionaires Are Doing Just Fine As Coronavirus Rages," patch.com, New York

“As the U.S. still reels from the pandemic’s economic fallout, the state’s billionaires all vastly increased their wealth, Forbes found.”

“The total net worth of 643 of the nation’s richest people increased from $2.95 trillion to $3.8 trillion [+29%] March 18 and Sept. 15, according to an analysis of Forbes data.

Everyday New Yorkers might be struggling from record unemployment or fearing for the future of their jobs as the coronavirus continues to ravage the country, but the city’s billionaires are doing just fine.

Between March 18--about a week after the World Health Organization declared the coronavirus a global pandemic–and Oct. 6, the total net worth of seven New York state billionaires increased from $144.9 billion to $175.8 billion, based on an analysis of Forbes data.

Here’s a look at how their wealth has increased:

Michael Bloomberg [+14%]

• March 18 net worth: $48.0B
• Oct. 6 real time worth: $54.9B
• Primary source of income: Bloomberg LP

Julia Koch & Family

• March 18 net worth: $38.2B
• Oct. 6 real time worth: $44.9B
• Primary source of income: Koch Industries

Jim Simons

• March 18 net worth: $21.6B
• Oct. 6 real time worth: $23.5B
• Primary source of income: Hedge funds

Alain Werthmeier

• March 18 net worth: $17.1B
  • Oct. 6 real time worth: $24.6B
  • Primary source of income: Chanel

  Gerard Werthmeier

  • March 18 net worth: $17.1B
  • Oct. 6 real time worth: $24.6B
  • Primary source of income: Chanel

  Hamdi Ulukaya

  • March 18 net worth: $1.8B
  • Oct. 6 real time worth: $2B
  • Primary source of income: Chobani Greek yogurt

  George Yancopoulos

  • March 18 net worth: $1.1B
  • Oct. 6 real time worth: $1.3B
  • Primary source of income: Pharmaceuticals

  The gains in wealth come as the United States struggles to recover from a record 22 million jobs lost at the onset of the pandemic. According to the most recent monthly jobs report from the U.S. Department of Labor, nearly half of those jobs remain gone….

  The gains in wealth were not limited to billionaires in our state.

  The total net worth of 643 of the nation’s richest people increased from $2.95 trillion to $3.8 trillion between March 18 and Sept. 15 [+29%], according to an analysis of Forbes data by The Institute for Policy Studies, a left-leaning think tank, and Americans for Tax Fairness.

  The numbers represent a 29 percent increase from the approximate date at coronavirus lockdowns started and financial markets plummeted.

  Jeff Bezos undoubtedly had the biggest year. Bezos, the chief executive of online retailer Amazon, saw his wealth spike from $73.2 billion to $113 billion [+55%]. Amazon shares gained 40 percent this year, according to a Business Insider report, as the company accumulated billions in online orders from consumers confined to their homes.

  Elon Musk, founder and CEO of electric vehicle maker Tesla, is a close second. His wealth rose by $67.4 billion, or 274 percent.

  The stock market and rock-bottom interest rates play the largest role in why these billionaires are seeing their wealth spike.

  While the stock market saw a sharp drop in March, the S&P 500 rose by 34 percent in the following six months. This not only reversed losses but caused some of the country’s wealthiest to rake in billions of additional dollars.”

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