Economic times are really tough right now. States are facing extreme financial stress. Unemployment claims remain well above normal, and the coronavirus is ravaging most of the country.
About half of the world’s billionaires have lost money during the pandemic, a Forbes study of billionaires shows. But some businesses are humming along, especially in high tech, where a number of the industry’s biggest names have grown richer.
The combined net worth of the 644 billionaires in the United States rose by nearly $1 trillion to $3.88 trillion since March, according to an analysis by Americans for Tax Fairness and the Institute for Policy Studies that uses Forbes’ data.
Here is a look at some of the U.S. billionaires whose net worth grew — by billions of dollars — between March and October, listed in no particular order.
Net worth as of March 18: $113.0 billion
Net worth as of Oct. 13: $203.1 billion
Increase in net worth: $90.1 billion (79.8%)
Considering that many of us are stuck at home and might be shopping more via Amazon, it makes sense that the richest man in the world has grown even wealthier recently.
Amazon’s profits tripled in the third quarter this year with a stunning $96.15 billion in revenues during that time.
Net worth as of March 18: $24.6 billion
Net worth as of Oct. 13: $92.8 billion
Increase in net worth: $68.2 billion (277.4%)
Musk is rising fast in rankings of the richest, thanks in large part to his electric vehicle company Tesla being added to the S&P 500 stock market index in November.
His aerospace company SpaceX recently transported four astronauts to the International Space Station.
Net worth as of March 18: $54.7 billion
Net worth as of Oct. 13: $101.2 billion
Increase in net worth: $46.5 billion (85.1%)
You’d be hard-pressed to find a tech star more scrutinized than the Facebook founder and CEO, whether Facebook is accused of being a monopoly, of allowing Russian election interference or for accepting campaign ads.
But all that scrutiny makes sense considering Facebook’s reach. The social media platform was expected to reach 1.69 billion users worldwide in 2020.
Net worth as of March 18: $98 billion
Net worth as of Oct. 13: $118 billion
Increase in net worth: $20 billion (20.4%)
The Microsoft co-founder is currently ranked as the second-richest person in the world (after Bezos), according to Forbes.
It’s been 25 years since Gates claimed the No. 1 spot after his corporation’s fast rise in the tech world. Gates and his wife, Melinda, are co-chairs of the Bill & Melinda Gates Foundation, with charitable operations all over the world. Among its investments, the foundation supports companies producing medicines for the developing world. Also, Gates, more than five years ago, predicted a pandemic tragedy.
Net worth as of March 18: $59 billion
Net worth as of Oct. 13: $80.3 billion
Increase in net worth: $21.3 billion (36.1%)
The Oracle Corporation founder, like fellow billionaires Bill Gates and Mark Zuckerberg, was a college dropout — actually twice.
Aside from being into classical guitar and architecture, Ellison is also involved in global sporting events. He won the America’s Cup in 2010 with Oracle Team USA and again in 2013. He owns the world-renowned tennis tournament BNP Paribas Open, at Indian Wells, California.
Net worth as of March 18: $52.7 billion
Net worth as of Oct. 13: $75 billion
Increase in net worth: $22.3 billion (42.4%)
Dropping out of the MBA program at Stanford University didn’t dampen the boisterous Ballmer’s career trajectory. He was CEO at Microsoft from 2000-2014, following in the footsteps of legendary co-founder Bill Gates, and then he retired and took his boundless energy to the NBA as owner of the Los Angeles Clippers.
Ballmer is also co-founder of The Ballmer Group, which seeks to help disadvantaged families move out of poverty and stay out.