Federal aid has not only been for wage earners
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 $ 81 billion dollars to exceed $ 600 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 $ 6.8 billion (14%) to about $ 55 billion, according to Americans for Tax Fairness and the Institute for Policy Studies.
President Donald Trump also did quite wellas his net worth grew $ 420 million, going from $ 2.1 billion to $ 2.5 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 $ 700 million (5%) to their fortune, which now totals $ 14.6 billion.
Stephen Schwarzman of Blackstone Group fattened his wallet 34%, with about $ 5 billion, up to about $ 21 billion.
Jamie Dimon’s holdings of JPMorgan went from $ 1.2 billion to $ 1.5 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% ($ 453 million), down to $ 2.8 billion.
Even so, earnings in New York were not as good as the national average. America’s 651 billionaires collectively lined their pockets with $ 1 trillion, 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.
The world’s billionaires have gotten $ 1.9 trillion richer in 2020 https://t.co/blSXD60zOv pic.twitter.com/ZDgxS2jb6o
– Forbes (@Forbes) 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.”
There is only one path forward. We must #TaxTheRich! https://t.co/4GbNlwMJxp
– Empire State Indivisible (@es_indivisible) January 4, 2021