Jeff Bezos, who has added $6 billion to his fortune in 2020 as Amazon sales surge , The world’s wealthiest people are losing billions in the coronavirus
Ultra wealthy people across the globe have lost billions of dollars because of the coronavirus pandemic, but Jeff Bezos’s bank account is doing just fine.
Bezos’ net worth has soared $5.9 billion in 2020 so far, the Bloomberg Billionaires Index shows. Bezos is the only person in the top five on Bloomberg’s Billionaires Index that hasn’t lost money in 2020, a review of the index shows.
Other billionaires including Facebook CEO Mark Zuckerberg have seen their net worth plummet as the novel coronavirus caused unprecedented market volatility. The ultra wealthy are often disproportionately affected by market sell-offs because of their equity-heavy portfolios. Billionaires across the globe lost 7% of their collective net worth in 2018 due to market instability at the end of 2018, far more than ordinary 401k millionaires, according to reports from Wealth-X and Capgemini. Only one person other than Bezos in the top ten slots on the Billionaires Index — Microsoft cofounder Steve Ballmer, is now richer than they were at the end of 2019.
The majority of his fortune stems from his stake in online retailer Amazon, which he founded in his garage in 1994. While other retailers are struggling to make ends meet and laying off employees because of the coronavirus outbreak, Amazon has seen a surge in demand and is recruiting 100,000 new employees.