This article was originally published by Tyler Durden at ZeroHedge.
We’ve all been affected by the pandemic-induced mayhem of 2020. But, as Visual Capitalist’s Carmen Ang notes, when it comes to finances, some have fared far better than others.
While job loss persists for Americans making less than $20 an hour, the rich have gotten richer. More specifically, the most wealthy American billionaires have seen their net worth bounce back dramatically, thanks to strong stock market performance.
Here’s a look at who’s gotten richer since the market bottom in March 2020, and just how much their net worth has increased since then:
Between March’s market bottom and December 2020, the billionaires included on this list grew their wealth by 57% on average. Interestingly, that’s about 10 percentage points higher than the overall growth of the S&P 500 index during the same time period.
Elon Musk saw the highest increase during this period, with a $129 billion boost in net worth—that’s a whopping 523% in gains.
This makes sense considering the year Musk has had. Tesla’s market value has skyrocketed throughout 2020, and SpaceX’s long-term valuation doubled after making some monumental strides in the private space industry.
Jeff Bezos saw the second-highest growth in net worth with a $74 billion increase. This isn’t surprising, given that Amazon’s stock price has climbed 69% since the beginning of 2020.
But Amazon hasn’t been the only company to benefit from the accelerated e-commerce market—other retailers, like Nike, have also seen a significant boost in online sales this year as well.
It’s not just the billionaires on this list that have increased their wealth. In fact, during the pandemic, billionaire wealth on average has increased 27% worldwide. Growth has been exceptionally strong in tech and healthcare.
Will things level out post-pandemic, or will the wealth gap continue to grow?
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Governments around the world are influenced by those that have access to power. WEALTHY people have money to influence those that govern. The LOBBY- system of influence in the USA & elsewhere gives disproportionate influence (POWER) over those that hold political office.
Our new President will be influenced by those that have lots-of-money, FOREIGN POWERS.
This is the biggest gutting of small business in US history in favor of large corporations. And stupid people believe Joe Biden is going to tax billionaires. No, his over $400,000 is on EARNED INCOME. Jeff Bezo makes about $80,000 to $90,000 in earned income, Warren Buffet $100,000 in earned income. Yet they make billions in stocks and bonds of their companies, which will never be taxed until they sell it, and then at the lower capital gains rate. I guess fools are easily fooled.
Notice the only Republican supporting Billionaire is Alice Walton at no. 10. The rest are all Democrats, and the 10 after Alice Walton are Democrats to, making 19 of the top 20 billionaires Democrats. Yet Trump is accused of favoring billionaires!