Who Profits Off Of COVID?
This is a follow-up from: Follow The Money: Who Profits Off Of COVID?
It’s really not that hard to figure out:
Billionaires club grew by nearly a third, to 2,755, during pandemic
The number of newly minted and reissued billionaires soared last year, Forbes reported Tuesday in its annual ranking, a staggering accumulation of personal wealth that stands in sharp contrast with the widespread economic struggles unleashed by the coronavirus pandemic.
The number of billionaires on Forbes’ 35th annual ranking swelled by 660 to 2,755 — a roughly 30 percent jump from a year ago — and 493 of them are first-timers. Seven of eight are richer than they were before the pandemic. Forbes calculates net worth by using stock prices and exchange rates from March 5.
While most of the world’s wealthiest people prospered during the pandemic, thanks in part to soaring stock prices, millions of Americans grappled with job loss, food insecurity, debt, eviction and poverty. U.S. lawmakers haven’t come together on a balanced approach to narrowing the wealth gap.
Global Billionaires’ Wealth Increase By $4 Trillion During The Pandemic
As the S&P 500 and DJIA soared to new closing records on Monday even as New York State is reportedly on track to adopt a groundbreaking state wealth tax (the latest effort by Gov. Andrew Cuomo to distract from the twin scandals over sexual harassment of female aides and his office’s efforts to cover up the number of COVID deaths in the state’s nursing homes), the Institute for Policy Studies has published the results of its latest review of billionaire wealth.
Unsurprisingly, given the tremendous rally in asset prices over the past year, the 2,365 billionaires living on planet earth have seen their wealth increase by a collective $4 trillion – a 54% increase over the span of a year. Put another way, total wealth held by billionaires ballooned to $12.39 trillion, up from $8.04 trillion.
Of the nearly 2.5K billionaires tracked by the Institute, 13 billionaires saw their wealth soar by more than 500%. The Institute grouped these lucky individuals in its “500% Club”. It noted that all of them had investments and connections to companies that benefited the most (in terms of market capitalization) from the pandemic.
If this doesn’t show you that it was all fake, then nothing will.
It’s always the centralizers.
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