In his analysis published on Statista and Forbes, Niall McCarthy found that America’s highest-ranking fortunes have gained 20% more since the pandemic began. Data from a study by the Institute for Policy Studies and the Americans for Tax Fairness show that indeed the total net worth of 643 billionaires in the US has grown from $ 2.9 trillion to $ 3.5 trillion between March 18 and June 17. In addition, 29 other people joined the club of large fortunes.
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In numbers, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, and Larry Ellison – saw their wealth increase by almost 26% or $ 101.7 billion, and this only during the lockdown. In detail, Bezos’ fortune rose to $ 43.7 billion, an increase of 38.6%. For Mark Zuckerberg, the rate of increase is estimated at 58.6% or the equivalent of $ 32 billion. In addition, 12 American billionaires have doubled their wealth during the pandemic. More strikingly, the case of billionaire Trevor Milton was able to increase his fortune by more than five times.
This situation, some have a critical eye on it because at the time when these billionaires are fructifying their wealth almost 45.5 million Americans have filed for unemployment. While the federal government is trying to guarantee economic and social stability by paying one-off stimulus checks to 150 million Americans, the billionaires have doubled their wealth.
For them, the pandemic has revealed how far America is sinking into a level of inequality and has also shown how fundamentally flawed the economic system is, according to statements delivered by ATF’s executive director Frank Clemente.
Photo by Michael-Longmire From unsplash.
While some consider crises as fatal and painful moments to live others see them as opportunities to be seized. Indeed, history is full of experiences that show people who have enriched themselves during the hardest moments of humanity. As it has been clearly stated, some wealthy names appeared during the two world wars and others during periods of recession. However, other names have disappeared from the economic scene.
So should we be afraid of crises?
At first glance, the economic and social crises are frightening. People are losing their jobs; their savings may even be their homes and their families. However, as some will think, the crisis gives new impetus to the economy and allows redistribution of playing cards and a change of roles. This is why you have to be skillful and ready to seize the opportunities that arise to bounce back, get started, and grow. Crises indeed push people to go beyond their aspirations and discover their potentials. Sometimes it’s luck, but luck needs the know-how to take advantage of it.
But shouldn’t we see the situation from another angle?
Far from the extravagant capitalist ideas, reality shows that these billionaires have built their business from scratch. Those entrepreneurs have believed in their ideas and got into the business world. The first factor in their success is seizing the opportunities that arise. Having flair and knowing that opportunities are passing and that you have to seize them is important.
It should not be overlooked that other people have raised millions of dollars by taking advantage of the pandemic crisis and in the coming years, they will be counted among the fortunes of America.
Among the tips to get rich and succeed economically: you have to develop the flair of good opportunities and knowing how to transform them into a real business.
