Men – who build nations, Forbes reports.
The world’s richest person, Jeff Bezos, is wealthier than he’s ever been. Early Wednesday he crossed a milestone previously unseen in the nearly four decades Forbes has been tracking net worths: With Amazon stock edging up 2% as of Wednesday afternoon, Bezos’ net worth is up by $4.9 billion, making the 56-year-old the world’s first-ever person to amass a $200 billion fortune.
Fueled by the change in consumer habits as a result of the coronavirus pandemic, Amazon stock is up nearly 80% since the beginning of the year, and Bezos’ net worth, which was roughly $115 billion on January 1, has skyrocketed in tandem. Bezos’ roughly 11% stake in Amazon makes up more than 90% of his fortune. He also owns the Washington Post, aerospace company Blue Origin and other private investments.
Then, Bloomberg reports that the top 500 richest people have gained $809 billion in 2020. That is a solid 14% increase in a season when millions are unemployed with paralyses everywhere. “We cannot continue to allow billionaires like Jeff Bezos and Elon Musk to become obscenely rich while millions of Americans face eviction, hunger and economic desperation,” Sen. Bernie Sanders said Wednesday in a statement reported by Bloomberg.
The vices of technology – massive dislocation through the efficiency in the utilization of factors of production. With labour now plug and play (hello remote work, unbounded by geography), all power to the gods of money!
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In the secondary school Chemistry, you hear about movement from higher concentration to lower concentration. So in the world of tech, investors will keep piling money on brands that are already successful, the digital behemoths, because everyone wants to be part of what is successful.
So, why joblessness and hunger may be playing at the other end of the spectrum, those on the northstar will keep growing larger; that’s just the reality for now.
Apple hitting two trillion dollars, Bezos hitting two hundred billion dollars, and the list of centibillonaires is expanding on weekly basis.
When you hear ‘up and down’, just know that both don’t happen sequentially or rhythmically for all people, so while most people are down, some people are up, and the swinging never stops.
Irrespective of the current health of economies round the world, one cannot help but marvel at the size, the growing size of this behemoth.
With this growth comes the regulatory hammer. The fate of Standard oil in 1911 may be hovering clandestinely once again. In the current slang of informal Nigeria “this life no balance at all”.
500 richest people have gained $809 billion in 2020. That is a solid 14% increase in a season when millions are unemployed.
We need to individually think about this. What are we contributing to the society. The top 500 richest people worked harder during COVID-19 than most of us. They lost a lot at the beginning but have bounced back and better.
I will be a producer that will solve problems.