The NC Billionaires Getting Richer During The Pandemic

Kimberly Johnson
·3 min read

NORTH CAROLINA — As the United States struggles to recover from record unemployment and millions of Americans remain jobless, several billionaires in North Carolina saw their wealth increase during the coronavirus pandemic.

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 four billionaires increased from $15.1 billion to $16.8 billion, based on an analysis of Forbes data.

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

James Goodnight

  • March 18 net worth (in millions): $6.1 billion

  • Oct. 6 real time worth: $6.5 billion

  • Primary source of income: software

Tim Sweeney

  • March 18 net worth (in millions): $4.5 billion

  • Oct. 6 real time worth: $5.3 billion

  • Primary source of income: video games

John Sall

  • March 18 net worth (in millions): $3.1 billion

  • Oct. 6 real time worth: $3.2 billion

  • Primary source of income: software

Dennis Gillings

  • March 18 net worth (in millions): $1.4 billion

  • Oct. 6 real time worth: $1.8 billion

  • Primary source of income: drug testing

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.

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 North Carolina Patch