The top 10 billionaires of the world that includes amazon’s Jeff Bezos, bill gates, facebook’s Mark Zuckerberg, tesla’s Elon musk amongst others saw a huge increment in their net worth in the year 2020. While the entire world suffered an economic crisis with unemployment and job loss at its peak, it’s an astounding fact that the “already rich” people have only seen growth in their wealth even during the pandemic. All thanks to the rising share prices that helped these top 10 billionaires get one-fourth of the total wealth of the world.
The number speaks volume
The total amount added to the world’s top 10 richest people is $1 trillion and the numbers are even more eye-catching. Out of the top 10, Elon Musk of Tesla saw the most and the highest jump in his wealth with almost 481 percent growth. His net worth jumped from just $24.6 billion to $143.1 billion within a short span of time. Mark Zuckerberg of Facebook is 2nd in the line with a rise of 91.7 percent that made his net worth jump from $54.7 billion to $104.8 billion. While Jeff Bezos still holds the top position in the list of the billionaires, his net minimum growth was not as much as the other two and he saw a surge of 63.2 percent with a net worth of $184.3 billion. Bill Gates, Warren Buffett, Steve Balmer, Larry Ellison, Larry Page, and almost 740 other American billionaires also saw a surge in their wealth during the pandemic period.
The rise in shares added to the wealth increments
The rise in share prices is being taken as the prime reason for such huge growth in the wealth of these billionaires. Tesla saw a huge surge in its stock prices that amount to almost 800 percent while amazon saw a surge of 70 percent in its stock pricing. It is being said that America has never seen a substantial collective jump of the shares as the total net worth of the American billionaires rose from $2.94 trillion to $4.01 trillion within just march 2020 to December 2020 which was the main covid period globally.
Accumulation of wealth a never before scene in the US
The executive director of America’s advocacy group ATF, Frank Clemente said regarding the matter, “Never before has America seen such an accumulation of wealth in so few hands”. He further added, “their wealth growth is so great that they alone could provide a $3,000 stimulus payment to every man, woman, and child in the country, and still be richer than they were 9 months ago”.
The Policy Times suggestion
- It could have been better if the world’s richest persons would have planned more rescue efforts of the corona affected people who not only lost jobs/business during the pandemic but might also have lost some near ones due to corona.
- The Billionaires along with the government can plan relief funds for the ones who are actually in need of it during the time of the pandemic. With efforts put together, it is easy to overcome any hurdle we face while walking the path of our lives.