2020 Witnesses Largest Growth in Billionaires

POLITSTURM | October 02, 2021

2020 Witnesses Largest Growth in Billionaires

According to a report published by Wealth-X, 2020 witnessed the largest growth in billionaire individuals since they started recording this data. The United States has the largest share of the world’s billionaires with 29%. China and India had the highest percentage growth of billionaires at 19.9% and 19.5%, respectively. 

The growth in billionaires over the previous year was largely attributed to “expansive government support measures [which] propelled a dramatic rally in financial markets, after an initial pandemic-driven collapse.”

The report also suggested an increasing centralization of privately-held wealth, with billionaires representing 1% of the population of ultra-high net-worth individuals yet holding 28% of the cumulative wealth.

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INEQUALITY RISING 

Number of World Billionaires Increases to 2,755

POLITSTURM | April 15, 2021

Number of World Billionaires  Increases to 2,755

Forbes released its data surrounding billionaires in 2021 whose wealth exploded amidst the pandemic. The number of billionaires increased by 660 over the past year to 2,755. The U.S. has the most billionaires at 770 followed by China at 698 (including Hong Kong and Macao). Read More »

CARBON FOOTPRINT 

J carbon footprint

A Journal of People report

As oil prices rallied and investor confidence in excessively punished oil stocks returned, the world’s oil billionaires became richer in the first quarter of 2021, adding a combined net worth of $51 billion in the first quarter. The energy tycoons from the U.S. to Russia and India boosted their fortunes at the fastest rate of any group in the Bloomberg index.

According to the Bloomberg Billionaires Index, a daily ranking of the world’s richest people, U.S. oil tycoon Harold Hamm saw his net worth jump by $3.3 billion year to date to stand at $8.4 billion as of April 2.Read More »

CHINA

SO MUCH WEALTH! China tops U.S. as home to most billionaires

A Journal of People report

The latest Hurun Global Rich List said: One in every two newly minted dollar-denominated billionaires last year stemmed from China. The Asian country had 1,058 billionaires last year compared with 696 in the U.S.

Based on January 15 valuations, of the 610 new billionaire tycoons globally, 318 were in China, compared with 95 in the U.S.

The report said: “China has added more new faces than the rest of the world combined, and pulled away big time from the USA in the past year.”

The Hurun Global Rich List tells the story of the world economy through the stories of the world’s most successful entrepreneurs. The list ranked 3228 billionaires from 2,402 companies and 68 countries.Read More »

COVID-19 AND INEQUALITY

The Pandemic has Benefited Billionaires

Countercurrents | October 08, 2020

Roughly 3 out of 4 American billionaires have seen a rise in their net worths. Elon Musk alone has tripled his net worth during the pandemic.

Michael Hobbes, Senior Enterprise Reporter, The Huffington Post, wrote in The Huffington Post:

“Other than NetflixAndrew Cuomo and the virus itself, no one has benefited from the COVID-19 pandemic more than American billionaires.Read More »

COVID-19 AND INEQUALITY 

Amidst Pandemic, while Billions Struggle for Survival, Billionaires’ Wealth Tops $10 Trillion

Farooque Chowdhury

Countercurrents | October 08, 2020

Billionaires are “smart” enough. Their wealth now, in this pandemic, tops trillions of dollars.

A new report – Riding the Storm, billionaires insights 2020 – by UBS and PwC reveals that the world’s uber-rich have increased their already-huge fortunes by more than a quarter; and this “miracle” happened amidst the ongoing pandemic ravaging life of billions of the poor in continents.

Wealth of this handful of uber-rich, according to the report, grew by 27.5 percent – $10.2 trillion – during April-July period. That was the apex point of the Covid-crisis.Read More »

 
CAPITALISM AND COVID-19

Billionaires—Pandemic Edition

David Ruccio

Occasional Links and Commentary | August 24, 2020

2019 was a very good year for the world’s wealthiest individuals. The normal workings of global capitalism created both more billionaires and more combined wealth owned by those billionaires.

According to Wealth-X, which claims to “have developed the world’s most extensive collection of records on wealthy individuals and produce unparalleled data analysis to help our clients uncover, understand, and engage their target audience,  as well as mitigate risk,” the size of the global billionaire population increased strongly in 2019, rising by 8.5 percent
to 2,825 individuals, while their combined wealth increased by 10.3 percent to $9.4 trillion.Read More »

BILLIONAIRES

Study: Billionaires That Donated to Gates-Buffet Giving Pledge Now Richer Than Ever

 Raul Diego

MintPress News | August 06, 2020

Billionaires Feature photo

A study released by the Institute for Policy Studies (IPS) through its Program on Inequality and the Common Good, titled “Gilded Giving 2020: How Wealth Inequality Distorts Philanthropy and Imperils Democracy” examines the reality behind the ostensible charitableness of the billionaire donor class and the disturbing trend of charitable organizations and foundations relying more and more on fewer and fewer wealthy donors; funds which “end up in family foundations and donor-advised funds that could legally exist in perpetuity,” while donations from lower and middle-income sources are disappearing.Read More »

Study: Coronavirus Has Been a Massive Boon for America’s Billionaires

by Alan Macleod

MintPress News | May 15, 2020

Coronavirus Billionaires Feature photo

America’s billionaires have seen their wealth increase by 12.5 percent during the COVID-19 lockdown period. The Institute for Policy Studies (IPS), a Washington, D.C.-based think tank, released a study Thursday showing that, in the eight weeks between March 18 and May 14, the country’s super wealthy have added a further $368.8 billion to their already enormous fortunes.

Among the more famous big winners during the pandemic include Facebook co-founder Mark Zuckerberg, who adds $21 billion to his net worth (a 38 percent increase). Failed Democratic presidential contender Michael Bloomberg is up $10 billion as well, meaning he has recouped ten times as much as he lost in his big money political campaign that went nowhere. Microsoft co-founder Bill Gates has increased his fortune by around $6 billion as well. Read More »

GOP Tax Cuts in Coronavirus Relief Bill Give 82% of Benefits to Millionaires and Billionaires

by Alan Macleod

MintPress News | April 15, 2020

Coronavirus Tax Cut

Hidden away in the Coronavirus Aid, Relief, and Economic Security (CARES) Act is a series of Republican tax cuts that will save the ultra-wealthy $90 billion in 2020 alone. According to a report from the Joint Committee on Taxation (JCT), a nonpartisan congressional body, almost 82 percent of the benefits of the tax breaks will go to just 43,000 Americans who make over $1 million annually. In contrast, less than three percent will go to the great majority who earn less than $100,000 per year.

The provision, inserted into the emergency bill intended to save the economy from implosion, allows business owners to suspend any limitations on how much they can deduct against their non-business income, such as capital gains tax, in order to further reduce their tax liability, in some cases likely to zero. Unsurprisingly, this business-friendly loophole is destined to aid the extremely wealthy and ultimately hurt the rest. The JCT projects that the tax cut will add almost $170 billion to the deficit over the next ten years, something that Republicans, if history is any judge, will use as a battering ram against any progressive policies tabled.Read More »