Big Apple billionaires are booming — with a collective wealth that ballooned by $81 billion to greater than $600 billion through the pandemic, in response to an evaluation.

That 16 p.c surge amongst Gotham fats cats since mid-March included massive good points for former Mayor Mike Bloomberg, the town’s richest particular person, whose monetary information and media empire shot up by $6.8 billion to some $55 billion, a 14 p.c spike, says Americans for Tax Fairness and the Institute for Policy Studies, which crunched the Forbes information.

President Trump additionally did fairly effectively, as his internet price grew by $420 million, leaping from $2.1 billion to $2.5 billion, a 20 p.c enhance, the information reveals.  

New Mets proprietor and hedge fund titan Steve Cohen can also be among the many metro-area billionaires — a category of 141 — who had an important 2020, including $700 million to his pile, which now totals $14.6 billion, a 5 p.c uptick.

Buoyed by trillions in federal COVID-relief largesse, Wall Street powerbrokers notched a few of the largest good points.

Stephen Schwarzman of Blackstone Group fattened his pockets by some $5 billion to about $21 billion, a 34 p.c achieve. JPMorgan’s Jamie Dimon’s holdings went from $1.2 billion million to $1.5 billion, a few 29 p.c enhance. 

Even so, these good points weren’t as rosy because the nationwide common. America’s 651 billionaires collectively padded their pockets by a cool $1 trillion, going from $2.95 trillion to $4 trillion, a 36 p.c bump. 

Mike Bloomberg’s monetary information and media empire shot up by $6.8B to some $55B.Getty Images

And some New Yorkers misplaced cash.

Gristedes grocery store proprietor John Catsimatidis, who additionally has oil and actual property holdings, noticed his portfolio go down by $453 million to $2.8 billion, a 13 p.c decline. 

Hedge fund icon Ray Dalio, writer of the 2017 philosophical bestseller, “Principles,” shed greater than $1 billion to drop to about $17 billion, a 6 p.c decline.

Analysts blame the downturn on Dalio’s $148 billion Bridgewater Associates, which acquired hammered for the second straight yr on dangerous bets. Tragically, Dalio’s 42-year-old son, Devon, died final month in a fiery automobile wreck in Greenwich, Conn.

Leveraged buyout king and Revlon tycoon Ron Perelman additionally took a monetary hit. His stability sheet misplaced some $450 million to about $6 billion, or an almost 7 p.c plunge. Perelman’s wealth, constructed on credit score and excessive stakes offers, has been damage by losses from his troubled New York-based cosmetics firm. 

But most New York titans are celebrating.

Investor Carl Icahn’s nest egg grew by greater than half a billion to roughly $14 billion, a 3.8 p.c leap. Money man George Soros’ stack added $300 million to go to almost $9 billion, a achieve of three.6 p.c achieve.

Mets proprietor Steve Cohen can also be had an important 2020, including $700M to his pile, which now totals $14.6B.Tasch, Justin

Cablevision and Madison Square Garden baron Charles Dolan additionally noticed a few half a billion profit, going from $4.6 billion to greater than $5 billion, a ten.5 p.c spike. Media tycoon Barry Diller’s fortunes soared by $1.65 billion to $4.65 billion, a 55 p.c surge. 

The meteoric windfalls got here largely due to the trillions of {dollars} in federal pandemic grants, which shored up the economic system when workplaces and companies closed, vegetation shuttered and tens of millions of staff misplaced their jobs.

“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,” Michael Kink, a Wall Street critic and anti-poverty activist, informed The Post.

Frank Clemente, govt director of Americans for Tax Fairness, mentioned, “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.”

The billionaire good points have already prompted elected leaders in New York and Washington to name for tax will increase on the rich to plug steep finances shortfalls.

RICH GETTING RICHER

Most metro-area billionaires noticed their fortunes balloon for the reason that COVID-19 disaster started in March.

Sources: Forbes; Americans for Tax Fairness; Institute for Policy Studies.NY Post



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