These Maryland Billionaires Are Getting Richer During Pandemic

Deb Belt
·4 min read

MARYLAND — Several billionaires in Maryland saw their wealth increase during the coronavirus pandemic as some low- and middle-income residents struggled with furloughs and job losses the past seven months.

Between March 18, about a week after the World Health Organization declared the coronavirus a global pandemic and Oct. 6, the total net worth of our state’s five wealthiest billionaires increased a total of $6.7 billion, based on a analysis of Forbes data.

Here’s a look at the top billionaires in Maryland and how their wealth has increased during the coronavirus pandemic:

No. 426: Steve Bisciotti. Bisciotti, 60, of Millersville, is co-founder of Allegis Group and owner of the Baltimore Ravens. Bisciotti and cousin Jim Davis, who is also on the Forbes list, started what would become Allegis Group in 1983. It is the largest staffing company in the United States.

  • March 18 net worth (in billions): $4.2

  • Oct. 6 real time worth: $4.6

No. 494: Ted Lerner and family. Lerner, 94, of Chevy Chase, is the founder of real estate development company Lerner Enterprises and owner of the Washington Nationals.

  • March 18 net worth (in billions): $3.7

  • Oct. 6 real time worth: $4.8

No. 494: Mitchell Rales. Rales, 64, of Potomac, founded industrial firm Danaher.

  • March 18 net worth (in billions): $3.7

  • Oct. 6 real time worth: $6.2

No. 804: Jim Davis. Davis, 60, of Cockeysville, founded Allegis Group with his cousin, Bisciotti. He is also a minority owner of the St. Louis Cardinals.

  • March 18 net worth (in billions): $3.4

  • Oct. 6 real time worth: $6.9

No. 1851: Kevin Plank. Plank, of Baltimore, founded the popular sportswear brand Under Armour as the underdog competitor to Nike.

  • March 18 net worth (in billions): $1.1

  • Oct. 6 real time worth: $1.3

The gains in wealth come as the United States struggles to recover from a record 22 million jobs lost at the onset of the pandemic. According to the most recent monthly jobs report from the U.S. Department of Labor, nearly half of those jobs remain gone.

First-time claims for unemployment benefits jumped nearly 70 percent at the end of September, according to the Maryland Department of Labor, after dropping to its lowest level since mid-March.

Data released Oct. 1 shows 15,444 Maryland workers applied for jobless relief in the week ending Sept. 26. That represents a 68 percent increase from the 9,185 jobless claims that were filed the prior week. It also pushes the total number of filings since early March, when the pandemic first spread in Maryland, to more than 1.18 million.

Economists fear the job market will face even more pressure if Congress fails to agree on another economic rescue package and should coronavirus cases resurge during the winter months.

The gains in wealth were not limited to billionaires in our state.

The total net worth of 643 of the nation's richest people increased from $2.95 trillion to $3.8 trillion between March 18 and Sept. 15, according to an analysis of Forbes data by The Institute for Policy Studies, a left-leaning think tank, and Americans for Tax Fairness.

The numbers represent a 29 percent increase from the approximate date at coronavirus lockdowns started and financial markets plummeted.

Jeff Bezos undoubtedly had the biggest year. Bezos, the chief executive of online retailer Amazon, saw his wealth spike from $73.2 billion to $113 billion. Amazon shares gained 40 percent this year, according to a Business Insider report, as the company accumulated billions in online orders from consumers confined to their homes.

Elon Musk, founder and CEO of electric vehicle maker Tesla, is a close second. His wealth rose by $67.4 billion, or 274 percent.

The stock market and rock-bottom interest rates play the largest role in why these billionaires are seeing their wealth spike.

While the stock market saw a sharp drop in March, the S&P 500 rose by 34 percent in the following six months. This not only reversed losses but caused some of the country’s wealthiest to rake in billions of additional dollars.

This article originally appeared on the Across Maryland Patch