Their wealth grew in 2020
The rich got richer
Since I spent thirteen years living in the state of Virginia and working in Washington, D.C., I have found the people and events of Virginia interesting. While researching some other material, I ran across information about the seven billionaires in Virginia. Since the pandemic began, these billionaires saw their net worth jump $6.5 billion, or 15.8%.
That is five times more than the $1.3 billion revenue shortfall which Virginia experienced. The state’s economy suffered from the increase in joblessness and less taxes collected. [From a report by Americans for Tax Fairness (ATF), the Institute for Policy Studies (IPS), and Health Care for American Now.]
Ordinary citizens and workers in Virginia did not fare well during the pandemic, which began in about the middle of March 2020. The seven billionaires in Virginia saw their total net worth rise from $41.2 billion to $50 billion in about seven months according to the Forbes data.
The Forbes list for 2019 had these billionaires in Virginia listed:
Jacqueline Mars was ranked at №33 with $23.6 billion. Mars and her siblings inherited the Mars Inc. candy company in 1999.
Winifred Johnson-Marquart was ranked at №536 with $3.8 billion. Johnson-Marquart is president of the Johnson Family Foundation and heir to the SC Johnson fortune.
William Conway. Jr. was ranked №838 and was worth $2.7 billion. He is co-CEO of the Carlyle Group, a private equity firm.
Daniel D’Aniello was ranked №838 and was worth $2.7 billion. He is co-founder of the Carlyle Group.
Steve Case was ranked №1717 and was worth $1.3 billion. He is the founder of AOL and an investment company, Revolution.
Theodore Leonsis was ranked №1941 and was worth $1.1 billion. He is the founder, majority owner, and CEO of Monumental Sports.
Matthew Calkins was ranked №2057 and was worth $1 billion. He is the co-founder and CEO of Appian, a cloud computing company.
Donald Trump was listed as № 715 with a net worth of $3.1 billion earned in television and real estate. He was said to be the only billionaire with residence in Washington, D.C.
The 2020 Forbes list had these Virginia billionaires listed: Jacqueline Mars, Pamela Mars, Winifred J. Marquart, Daniel D’Aniello, William Conway, Jr., Matthew Calkins, and Steve Case. There were two changes from the 2019 list.
The seven billionaires who live in Virginia are a small group of the nearly 800 billionaires living in the United States. The richest is Jeff Bezos of Amazon with an astounding amount of money.
The rich get richer while millions of people are suffering and finding it difficult to have enough money to put food on the table.
There is so much inequity in the United States and in the world. Life could be more equitable and fair if more billionaires and multi-millionaires would share the wealth.