The Pandemic Has Benefited One Group Of People: Billionaires

Other than Netflix, Andrew Cuomo and the virus itself, no one has benefited from the COVID-19 pandemic more than American billionaires.

Over the last six months, roughly 3 out of 4 members of America’s 10-digit-wealth club have seen a rise in their net worths. Sixteen American billionaires are worth at least twice as much now as they were in March. And Jeff Bezos, who was already worth $113 billion at the start of 2020, is heading into the year’s final stretch $73 billion richer.

Michael Bloomberg and Charles Koch are both up by $7 billion, and Mark Zuckerberg has added another $46 billion to his already staggering $54 billion in wealth. Elon Musk found time between COVID truther tweets and CPAP machine donations to take his fortune from $25 billion to $92 billion.

Some billionaires have gotten richer as a direct result of the pandemic. Amazon, for example, was one

Read More

Asia-Pacific has more billionaires than other regions, as pandemic boosts wealth

There are now 2,189 billionaires globally with a combined wealth of $10.2 trillion, as the pandemic-induced stock market rally catapulted the net worth of the world’s uber wealthy to a new high. 

As of July 2020, Asia-Pacific accounted for the highest number of ultra-high net worth individuals, with 831 (38%) of the super rich residing in the region, where billionaire wealth now totals $3.3 trillion, according to Swiss bank UBS’ new Billionaires Insights Report 2020. That compares to 762 (35%) across the Americas and 596 (27%) in Europe, the Middle East and Africa (EMEA). 

The findings, based on interviews and data from 2,000 billionaires across 43 markets, saw Asia-Pacific retain its global position as “the engine of wealth growth,” UBS Global Wealth Management’s Anurag Mahesh said at the report’s launch Wednesday.  

Mainland China emerged as the region’s top market for wealth creation, with 415 billionaires, followed by India (114), Hong

Read More

Halsey and Bernie Sanders Sit Down to Discuss the Wealth Tax and Billionaires

Click here to read the full article on SPIN.

Way back on Sept. 30 — which may as well be eons ago but in reality was the day after the first presidential debate — Halsey sat down with former Democratic presidential candidate Bernie Sanders for the first in what she bills as an “intimate conversation to discuss the future of America, some of the most important issues facing our nation and why they’ll be voting for Joe Biden this November.”

In the chat that was titled “Greed & the Wealth Tax,” the debate (Halsey says is “arguably one of the most frustrating pieces of television that I’ve ever had the misfortune of witnessing”) and Halsey’s upbringings in a “lower class family.”

More from SPIN:

One of the most compelling parts of the conversation was when the two discussed the “preposterous concept” of billionaires.

As for being a member of the

Read More

Opinion | America’s Tech Billionaires Could Help Protect the Election. If They Wanted To.

He doesn’t want to limit participation to tech giants. He mused that most S & P 500 companies could use their power to try to bake some stability into our currently unstable politics. “Beyond voting,” Mr. Ovadya said, “you could imagine the companies coming together with a pledge that others could sign that said something to the effect of ‘I agree upfront to abide by the results of the election as certified by the Electoral College and Supreme Court’” (a scenario that has grown even more complicated in recent days).

Mr. Ovadya’s argument is compelling. With tensions and anxiety about potential claims of voter fraud and postelection unrest mounting, surely it makes sense to do anything possible to ensure a fair, free, transparent and universally accepted election. Mr. Ovadya notes that encouraging corporate involvement also has the added benefit of not alienating the nation’s most powerful unelected individuals.

The skeptic

Read More