During 2020, the pandemic shattered the lives of millions of families around the world. While some struggled with unemployment, lowered wages, lessened purchasing power and slow economic growth, millionaires and billionaires like Elon Musk and Jeff Bezos showed record profits. According to the Bloomberg, 0.001% of the American population benefited while the health crisis was on. The 500 wealthiest people of the world added a whopping $1.8 trillion to their total net worth and they are presently worth a combined value of $7.6 trillion!
Losing Billions
The stock market has seen better days, thanks to market concerns. Those with crashing net worths, the richest people in the world, have much money tied up in stocks. Both the Dow Jones Industrial Average and S&P 500 have had steep drops, even exceeding 3% each in a single trading day. Thanks to stock market price drops of their companies, people like Bernard Arnault and Jeff Bezos, reduced their fortunes by $5 billion each. Fashion magnet Amancio Ortega saw a one-day drop in his fortune by $4 billion, and no billionaire in the stock market game escaped unscathed! Certain industries were hit harder than others in the pandemic panic. Cruise line companies like, Royal Caribbean Cruises Ltd., Carnival Corp. and Norwegian Cruise Line Holdings Ltd. saw huge declines of about 9% in a single day’s trade.
From March 6 to March 9, the most significant wealth-loss since December 2008 came within 0.07% of turning into the worst stock market day since the 1987 crash. Billionaires and citizens with 401K’s bound to public stock, see wealth decimated by the stock market run, due to the coronavirus pandemic panic. During the week-ending in February, the top 10 billionaires lost $80 billion, while the five wealthiest people lost $22 billion. The coronavirus pandemic destroyed millions around the world, with lost jobs, shuttering of businesses or losing retirement savings. The world’s richest are emerging out of the crisis unscathed and richer, but 47 billionaires saw increased wealth.
Jeff Bezos
Jeff Bezos continues to be the world’s wealthiest, though he lost $7 billion in 4 days from March 6 to March 9. In February alone, he lost $18 billion as Amazon’s share values plummeted due to pandemic panic decimating the global economy.
Elon Musk
Tesla founder, Elon Musk, lost $4 billion overnight after tweeting that the Covid-19 panic was dumb. In February, his damages exceeded $12 billion. Despite this, Musk is the only one among the top 30 richest to enhance his 2020 net worth. Tesla shares increased 53% as on date and above 126% during the last year.
Warren Buffett
Warren Buffett’s total assets reduced by $4 billion since March 6 and $12 billion over February. With $82 billion in total assets, he was the fourth most extravagant person, after Bernard Arnault of LVMH.
Bernard Arnault
By far the biggest loser in the pandemic-driven stock market crash is Bernard Arnault. Shares of his luxury goods cartel fell 24% since January and his wealth dropped by $30 billion in February.
Researchers opine that the stock market will deteriorate before it improves. Preserve your mental health and quit watching your stocks estimation as also your 401K!
