Datastream
The Rich Got Richer During COVID-19. Here’s How American Billionaires Performed
The Briefing
- In year defined by a global pandemic, many of the wealthiest people in the U.S. saw their wealth grow substantially
- Since the market bottom in March 2020, the billionaires on this list grew their wealth by 57% on average
- Elon Musk had the highest net worth increase at $128.9 billion
How American Billionaire Wealth Did During COVID-19
We’ve all been affected by the pandemic-induced mayhem of 2020. But when it comes to finances, some have fared far better than others.
While job loss persists for Americans making less than $20 an hour, the rich have gotten richer. More specifically, the most wealthy American billionaires have seen their net worth bounce back dramatically, thanks to strong stock market performance.
Here’s a look at who’s gotten richer since the market bottom in March 2020, and just how much their net worth has increased since then:
Billionaire Net Worth Growth in 2020
Between March’s market bottom and December 2020, the billionaires included on this list grew their wealth by 57% on average. Interestingly, that’s about 10 percentage points higher than the overall growth of the S&P 500 index during the same time period.
| Name | Main Source | Wealth Growth (Mar 18–Dec 21, 2020) | Net worth % Growth (Mar 18– Dec 21, 2020) |
|---|---|---|---|
| Jeff Bezos | Amazon | $73.7 B | 65% |
| Elon Musk | Tesla, SpaceX | $128.9 B | 524% |
| Bill Gates | Microsoft | $ 22.1 B | 23% |
| Mark Zuckerberg | $46.8 B | 86% | |
| Warren Buffett | Berkshire Hathaway | $17.5 B | 26% |
| Larry Ellison | Oracle | $29.5 B | 50% |
| Larry Page | $25.4 B | 50% | |
| Sergey Brin | $25.0 B | 51% | |
| Steve Ballmer | Microsoft | $21.4 B | 41% |
| Alice Walton | Walmart | $13.7 B | 25% |
| Jim Walton | Walmart | $13.3 B | 24% |
| Rob Walton | Walmart | $13.5 B | 25% |
| MacKenzie Scott | Amazon | $20.5 B | 57% |
| Michael Bloomberg | Bloomberg LP | $6.9 B | 14% |
| Phil Knight | Nike | $22.1 B | 75% |
| Total Average | $480.3 B | 57% |
Elon Musk saw the highest increase during this period, with a $129 billion boost in net worth—that’s a whopping 523% in gains.
This makes sense considering the year Musk has had. Tesla’s market value has skyrocketed throughout 2020, and SpaceX’s long term valuation doubled after making some monumental strides in the private space industry.
Jeff Bezos saw the second highest growth in net worth with a $74 billion increase. This isn’t surprising, given that Amazon’s stock price has climbed 69% since the beginning of 2020.
But Amazon hasn’t been the only company to benefit from the accelerated e-commerce market—other retailers, like Nike, have also seen a significant boost in online sales this year as well.
Billionaire Wealth in General is Up
It’s not just the billionaires on this list that have increased their wealth. In fact, during the pandemic, billionaire wealth on average has increased 27% worldwide. Growth has been exceptionally strong in tech and healthcare.
Will things level out post-pandemic, or will the wealth gap continue to grow?
Where does this data come from?
Source: Forbes and Yahoo Finance.
Details: Net worth figures for March 2020 were pulled from Forbes 34th annual List of Global Billionaires. Figures for Dec 2020 were taken from Forbes’ Real Time Billionaires List on Dec 21 2020.
United States
Charted: Public Trust in the Federal Reserve
Public trust in the Federal Reserve chair has hit its lowest point in 20 years. Get the details in this infographic.
The Briefing
- Gallup conducts an annual poll to gauge the U.S. public’s trust in the Federal Reserve
- After rising during the COVID-19 pandemic, public trust has fallen to a 20-year low
Charted: Public Trust in the Federal Reserve
Each year, Gallup conducts a survey of American adults on various economic topics, including the country’s central bank, the Federal Reserve.
More specifically, respondents are asked how much confidence they have in the current Fed chairman to do or recommend the right thing for the U.S. economy. We’ve visualized these results from 2001 to 2023 to see how confidence levels have changed over time.
Methodology and Results
The data used in this infographic is also listed in the table below. Percentages reflect the share of respondents that have either a “great deal” or “fair amount” of confidence.
| Year | Fed chair | % Great deal or Fair amount |
|---|---|---|
| 2023 | Jerome Powell | 36% |
| 2022 | Jerome Powell | 43% |
| 2021 | Jerome Powell | 55% |
| 2020 | Jerome Powell | 58% |
| 2019 | Jerome Powell | 50% |
| 2018 | Jerome Powell | 45% |
| 2017 | Janet Yellen | 45% |
| 2016 | Janet Yellen | 38% |
| 2015 | Janet Yellen | 42% |
| 2014 | Janet Yellen | 37% |
| 2013 | Ben Bernanke | 42% |
| 2012 | Ben Bernanke | 39% |
| 2011 | Ben Bernanke | 41% |
| 2010 | Ben Bernanke | 44% |
| 2009 | Ben Bernanke | 49% |
| 2008 | Ben Bernanke | 47% |
| 2007 | Ben Bernanke | 50% |
| 2006 | Ben Bernanke | 41% |
| 2005 | Alan Greenspan | 56% |
| 2004 | Alan Greenspan | 61% |
| 2003 | Alan Greenspan | 65% |
| 2002 | Alan Greenspan | 69% |
| 2001 | Alan Greenspan | 74% |
Data for 2023 collected April 3-25, with this statement put to respondents: “Please tell me how much confidence you have [in the Fed chair] to recommend the right thing for the economy.”
We can see that trust in the Federal Reserve has fluctuated significantly in recent years.
For example, under Alan Greenspan, trust was initially high due to the relative stability of the economy. The burst of the dotcom bubble—which some attribute to Greenspan’s easy credit policies—resulted in a sharp decline.
On the flip side, public confidence spiked during the COVID-19 pandemic. This was likely due to Jerome Powell’s decisive actions to provide support to the U.S. economy throughout the crisis.
Measures implemented by the Fed include bringing interest rates to near zero, quantitative easing (buying government bonds with newly-printed money), and emergency lending programs to businesses.
Confidence Now on the Decline
After peaking at 58%, those with a “great deal” or “fair amount” of trust in the Fed chair have tumbled to 36%, the lowest number in 20 years.
This is likely due to Powell’s hard stance on fighting post-pandemic inflation, which has involved raising interest rates at an incredible speed. While these rate hikes may be necessary, they also have many adverse effects:
- Negative impact on the stock market
- Increases the burden for those with variable-rate debts
- Makes mortgages and home buying less affordable
Higher rates have also prompted many U.S. tech companies to shrink their workforces, and have been a factor in the regional banking crisis, including the collapse of Silicon Valley Bank.
Where does this data come from?
Source: Gallup (2023)
Data Notes: Results are based on telephone interviews conducted April 3-25, 2023, with a random sample of –1,013—adults, ages 18+, living in all 50 U.S. states and the District of Columbia. For results based on this sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. See source for details.
-
Markets4 weeks agoVisualized: Real Interest Rates by Country
-
Debt2 weeks agoCharting the Rise of America’s Debt Ceiling
-
Central Banks3 weeks agoComparing the Speed of Interest Rate Hikes (1988-2023)
-
China2 weeks agoRanked: The Cities with the Most Skyscrapers in 2023
-
War3 weeks agoMap Explainer: Sudan
-
Mining2 weeks agoRanked: The World’s Biggest Steel Producers, by Country
-
Travel3 weeks agoVisualized: The World’s Busiest Airports, by Passenger Count
-
Visual Capitalist6 days agoJoin Us For Data Creator Con 2023