Federal aid has not only been for wage earners
Photo: Andrés Correa Guatarasma / Courtesy
Poverty, unemployment and death have been the constants during the pandemic for most New Yorkers, the most affected region of the country and perhaps the world.
But the billionaires NYC are booming, with a collective wealth that grew$811 billion dollars to exceed$6000 billion during the ravages of the coronavirus, according to a Forbes analysis.
Driven by trillions of dollars in federal generosity of COVID relief, the powerful of Wall Street made some of the biggest gains.
The 16% average increase since mid-March includes the former Mayor Mike Bloomberg, the richest person in town, whose media empire soared by$66.8 billion (14%) to about$655 billion, according Americans for Tax Fairness and the Institute for Policy Studies.
President Donald Trump also did quite wellas his net worth grew$6420 million, going from$62.1 billion to$62.5 billion, an increase of 20%, the data shows.
Steve Cohen, new owner of the NY Mets and hedge fund mogul, It is also among the billionaires in the metropolitan area – about 141 in total- who had a great year 2020, adding$6700 million (5%) to their fortune, which now totals$614.6 billion.
Stephen Schwarzman of Blackstone Group fattened his wallet 34%, with about$65 billion, up to about$621 billion.
Jamie Dimon’s holdings of JPMorgan went from$61.2 billion to$61.5 billion, roughly a 29% increase. Instead, others lost money. For example, John Catsimatidis, owner of the Gristedes supermarket chain and who also has oil and real estate stakes, saw his fortune shrink 13% $4533 million), down to$62.8 billion.
Even so, earnings in New York were not as good as the national average. America’s 651 billionaires collectively lined their pockets with a trillion dollars, going from 2.95 trillion to 4 trillion, an increase of 36%.
New York Post made a comparative chart on how the great fortunes of the city evolved in 2020, available here.
– ForbeForbesbes) January 1, 2021
Millions of New Yorkers are unemployed and yet…
“Big Apple billionaires are booming — with a collective wealth that ballooned by $81 billion to more than $600 billion during the pandemic.”
— Empire State Indivisible (@es_indivisible) January 4, 2021
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.