Billionaires In The U.S. Are $282 Billion Richer (And Counting) Since The Onset Of Coronavirus
While we are immersed in the coronavirus pandemic, we all know many unemployed people. Friends and family in the service and hospitality industry are all unemployed. It totals more than 22 million Americans – 45% of Los Angeles County – for example, who have been laid off or put on leave. One sector of our population has seen its net worth increase significantly as many people apply for a loan and / or payment protection program for their business. Who are they? The billionaires of course! American billionaires saw their net worth increase by about 10% or $ 280 billion from the start of March. American billionaires are currently worth about $ 3.229 trillion as of April 10, which is a significant jump from the $ 2.9 trillion they were worth on March 18.
The stock market collapsed at the start of the spread of COVID-19 and closings in various cities and states have been implemented. Jeff Bezos had a bit of a drop in net worth when it happened, but he didn’t have to worry about it and he has already rebounded to see his net worth increase by about $ 25 billion. Zoom founder and CEO Eric Yaun has seen his net worth increase due to more work at home while people are using his video conferencing platform.
The Trump presidency has also been good for American billionaires. Since Donald trump When he took office in January 2017, American billionaires saw their collective net worth drop from $ 2.7 trillion to almost $ 3.3 trillion today. This is probably an advantage for the wealthiest in the country that was born out of Trump’s tax reform law. The benefits of the program, officially known as the Tax Reduction and Jobs Act, were intended for the wealthy. I can confirm this. My taxes as a self-employed worker increased by more than 50% from 2016 to 2017, while billionaires saw theirs drop considerably. According to some reports, paid mid-range people ended up paying more taxes than many of the wealthiest in the country. And in the mid-range, I’m talking about $ 75,000 to $ 150,000, which is probably exclusive to big cities.
The old adage that it takes money to make money has proven true in the past 30 years. Since 1990, the wealth of American billionaires has increased by 1,130%. This is 210 times faster than the growth of the median wealth of the United States in the same 30 years. Does this seem fair to you? This is certainly not the case. Consider the growth of the three wealthiest people in the net worth of the United States since 1990. In 1990, Jeff Bezos had not yet founded Amazon and was not on the list of the richest Americans. He was barely four years after his undergraduate studies at Princeton and had just started working for D.E. Shaw in Manhattan where he met his ex-wife Mackenzie. So no estimate of his net worth at the time, but he was probably six figures low and at 26, he had not yet amassed much. Today, 30 years later, it is worth ridiculous $ 140 billion.
In 1990 Bill Gates had a net worth of $ 2.5 billion. Microsoft had just gone public four years ago and the growth of the personal computer industry was still underway, believe it or not. Since 1990, Bill Gates’s net worth has gone through ups and downs, but at no time since then has he been a billionaire. Bill Gates became the wealthiest person in the world for the first time in 1995, with a net worth of $ 12.9 billion.
After adjusting for inflation, this equates to approximately $ 22 billion in today’s dollars. In 1994, it was $ 8 billion. And then in 1995, his net worth of $ 12.9 billion was good enough to make him the richest person in the world title. Over the next two decades, Gates’ net worth increased from $ 12.9 billion to $ 90 billion in 1999, and then the Internet bubble burst for the first time. In 2000, Gates’ net worth had fallen to $ 60 billion, then to $ 58.7 billion in 2001, $ 52.8 billion in 2002, $ 47 billion in 2003, $ 46.6 billion in 2004, then $ 50 billion, $ 52 billion and $ 56 billion in 2005, 2006, and 2007, respectively. Bill Gates became the richest man in the world in 1995 and ushered in the age of technology. Today, Gates is worth $ 110 billion.
In 1990, Warren Buffett had a net worth of $ 3.3 billion. Buffett’s net worth increased more than fivefold in the 1990s, from $ 3.3 billion in 1990 to $ 16.5 billion in 1996. Over the next six years, from 66 to 72 years, Buffett’s net worth has more than doubled. His net worth in 2003 was $ 35.7 billion. In 2010, it was $ 47 billion. At the end of summer 2015, Buffett had a net worth of $ 67 billion. Today he has a net worth of $ 75 billion.
If we look to 2050, the richest person in the world will likely have a net worth of a trillion dollars, if the explosive growth of the past 30 years – and even just the past six weeks – is an indication.