Meet the 7 Major Billionaires Affected by COVID-19

Published May 11th, 2020 - 03:00 GMT
Businessmen Before And After COVID-19: Some Rolling in Money While Others Lose Billions
Some of the world's most wealthy were lucky enough to grow their fortunes by billions despite the crisis. (Shutterstock: Macrovector)

How many times have you heard that "the coronavirus has made all humans equal"?

This could actually be true if we're talking about the possibilities of contracting the virus, but it's nowhere near correct in terms of the financial impact of the pandemic and the crisis it has triggered.

Average workers may be struggling to have ends meet during lockdowns, imposed in the wake of the pandemic. Governments are pledging stimulus packages to support vulnerable individuals and businesses, and world economies are foreseeing severe contractions, but how about the most wealthy?

Businessmen, who were not lucky enough to make a profit during the hardest times of the pandemic have been struggling to keep their companies from collapsing. Several of the world's well-known corporations have laid off masses of employees to avoid going bankrupt, while others have given up previous plans and have been forced to go into "survival mode."

Despite several "black days" plaguing stock markets worldwide and many businesses reporting acute losses, some of the world's rich people were able to not only enjoy a quick recovery but also gain several new billions, making the best out of the crisis.

According to a report published by US-based inequality.org, some of America's billionaires were able to boost their wealth by nearly 10% between March and April 2020, adding more than $282 billion in 23 days during the pandemic.

The report highlights that businesses have benefited from both the crisis and a 79% tax cut.

The bellow list takes a look at what major global businessmen have been going through during the pandemic;

1. Jeff Bezos

As usual, the wealthiest man alive comes first on the list, but this time for making the biggest amount of money during the coronavirus crisis.

According to Forbes, the owner of Amazon was able to gain $25 additional billions during the pandemic.

2. Eric Yuan

The founder of the most popular video chat application during the coronavirus outbreak, Zoom, has added about $4 billion, Business Insider reports.

3. Li Xiting

As expected, the closer a medical device manufacturer was to providing supplies related to the respiratory disease, the higher its stocks have been soaring.

Singapore's richest billionaire, the owner of China-based Mindray that produces ventilators, Li Xiting, has added $4.3 billion to his wealth.

4. Mark Zuckerberg 

Facebook's young founder and CEO has reportedly lost $2.4 billion, but his wealth still stands strong with more than $80 billion.

5. Bill Gates

The former richest man in the world has lost about $5 billion. Microsoft's founder  now owns about $108 billion.

6. Bernard Arnault

The chief executive of the world's largest luxury-goods company LVMH has been amongst the biggest losers during the pandemic, slashing more than $30 billion according to the latest data available.

7. Warren Buffet

American business tycoon and CEO of Berkshire Hathaway's wealth has shrunk by about $50 billion during the first quarter, according to a report by the Wall Street Journal.


© 2000 - 2020 Al Bawaba (www.albawaba.com)

You may also like