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Some NYC Billionaires See Meteoric Rise in Assets in Pandemic Filled 2020; Data Shows

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Edited by: TJVNews.com

Despite the fact that the coronavirus has wreaked havoc on the economy, with people suffering significant financial losses and others dealing with the challenges of paying their rent and providing for their families, it appears that some New York City billionaires have seen tremendous profits, according to a Forbes analysis.

As was reported by the New York Post, organizations such as Americans for Tax Fairness and the Institute for Policy Studies have said that since mid-March, billionaires like former New York City Mayor Michael Bloomberg has seen his income increase by 14% which essentially translates into a $6.8 billion boon, making his media empire worth $55 billion. He just happens to be the wealthiest person in the city.

Also making a few extra bucks was President Trump. According to the Post, his net worth jumped from $2.1 billion to $2.5 billion. In a 20% increase, his company brand brought in an additional $420 million during this almost year long pandemic. Photo Credit: AP

Also making a few extra bucks was President Trump. According to the Post, his net worth jumped from $2.1 billion to $2.5 billion. In a 20% increase, his company brand brought in an additional $420 million during this almost year long pandemic, according to the data.

Hedge fund billionaire and the owner of the New York Mets, Steve Cohen also did quite well in 2020. The data shows that he scored $700 million in the past year. That is a 5% increase and now his empire is worth $14.6 billion . (New York Mets via AP)

Hedge fund billionaire and the owner of the New York Mets, Steve Cohen also did quite well in 2020. The data shows that he scored $700 million in the past year. That is a 5% increase and now his empire is worth $14.6 billion, as was reported by the Post.

Thanks to financial help from the federal government in the form of Covid relief payments, the big guns on Wall Street also raked in the bucks in 2020.

Stephen Schwarzman of Blackstone Group fattened his wallet by some $5 billion to about $21 billion, a 34 percent gain. Photo Credit: FoxBusiness.com

Among them are Stephen Schwarzman, the head of the Blackstone Group, who saw a 34% gain in his assets. That means that he made anywhere from $5 billion to $21 billion in the course of the year, as the data reported. Joining him are Jamie Dimon from JPMorgan who raked in about $1.2 billion to $1.5 billion; a 29% increase in his holdings, according to the Post report.

Stephen Schwarzman of Blackstone Group fattened his wallet by some $5 billion to about $21 billion, a 34 percent gain. JPMorgan’s Jamie Dimon’s holdings went from $1.2 billion million to $1.5 billion, about a 29 percent increase.

Also padding his wallet was investor Carl Icahn, whose worth grew by a half a billion dollars; a 3.8 percent increase. He is now worth around $14 billion. Photo Credit: AP

Also padding their wallets were such investors as Carl Icahn, whose worth grew by a half a billion dollars; a 3.8 percent increase, as was reported by the Post. He is now worth around $14 billion. Controversial billionaire George Soros also saw his piggy bank swell as he added about $300 million to his worth. That is a 3.6 percent increase; bringing him up to $9 billion in net worth.

Controversial billionaire George Soros also saw his piggy bank swell as he added about $300 million to his worth. That is a 3.6 percent increase; bringing him up to $9 billion in net worth. Photo Credit: AP

Charles Dolan, the owner of Cablevision and Madison Square Garden also gained a cool half billion in a 10.5 percent increase for his companies. That brings him from $4.6 million to more than $5 billion in worth. Media tycoon Barry Diller’s fortunes soared by $1.65 billion to $4.65 billion, a 55 percent surge, according to the NY Post report.

Charles Dolan, the owner of Cablevision and Madison Square Garden also gained a cool half billion in a 10.5 percent increase for his companies. That brings him from $4.6 million to more than $5 billion in worth. Photo Credit: amcnetworks.com

The Post reported that the aforementioned billionaires saw their profits skyrocket because of “trillions of dollars in federal pandemic grants, which shored up the economy when offices and businesses closed, plants shuttered and millions of workers lost their jobs.”

Media tycoon Barry Diller’s fortunes soared by $1.65 billion to $4.65 billion, a 55 percent surge. Photo Credit: AP

To top it off, the Post reported that on a national average, the 651 people in America who call themselves billionaires saw a 36% rise in their net worth. Their income grew by $1 trillion, from $2.95 trillion to $4 trillion. A nice little pay hike, indeed.

So, with the advent of the coronavirus in 2020, the rich got richer and the poor got poorer. Speaking to the NY Post, Frank Clemente, executive director of Americans for Tax Fairness, said, “Never before has America seen such an accumulation of wealth in so few hands. As tens of millions of Americans suffer from the health and economic ravages of this pandemic, a few hundred billionaires add to their massive fortunes.”

Also corroborating this thesis was Michael Kink, a Wall Street critic and anti-poverty activist, who told the Post that, “In many cases, the actions taken by Congress and the Federal Reserve have directly subsidized the biggest businesses and underwritten a huge boom on Wall Street, and in the value of privately-held corporations — while providing only modest short-term aid to regular people and small businesses.”

Some actually lost money from their portfolios such as Gristedes supermarket owner John Catsimatidis. Photo Credit: AP

Not all New York City based billionaires were laughing all the way to the bank. Some actually lost money from their portfolios such as Gristedes supermarket owner John Catsimatidis. In addition to owning the iconic New York supermarket chain, he also has oil and real estate holdings. According to the Post report, he saw his worth take a nosedive by $453 million to $2.8 billion, a 13 percent decline.

The author of “Principles” a 2017 philosophical bestseller, Ray Dalio, who also happens to be a hedge fund superstar lost about $1 billion. Photo Credit: Wikipedia.com

The author of “Principles” a 2017 philosophical bestseller, Ray Dalio, who also happens to be a hedge fund superstar lost about $1 billion, according to the NY Post report. He saw a 6 percent decline in his assets; bringing his worth to $17 billion. All in all, it was a tragic year for Dalio as his 42-year old son died in a Connecticut car accident last month. Bridgewater Associates, the company that Dalio owns and is worth about $148 billion got clipped for a second straight year on bad bets, according to analysts, as was reported by the Post.

Another billionaire who saw losses in 2020 was cosmetics tycoon, Ron Perelman of Revlon. His fortune saw a 7% drop as he lost about $450 million; bringing his worth to $6 billion.

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