The Connecticut Billionaires Getting Richer During The Pandemic

CONNECTICUT — As the United States struggles to recover from record unemployment and millions of Americans remain jobless, several billionaires in Connecticut 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 Nov. 12, the total net worth of our state's seven billionaires increased from $50.2 billion to $51.9 billion, based on an analysis of Forbes data.

Here's a look at the billionaires in Connecticut and how their wealth has increased (or in some cases, dropped a wee bit) during the coronavirus pandemic:

Alexandra Daitch, 57, Old Lyme, owns an estimated 3 percent stake in Cargill, the largest food company in the world.

• March 18 net worth: $1.3 billion
• Nov. 12 real time worth: $1.3 billion
• Primary source of income: Food & Beverage

Karen Pritzker, 62, Branford, is one of 11 billionaire Pritzker heirs. Her grandfather, A.N. Pritzker, built industrial conglomerate Marmon and the Hyatt hotels.

• March 18 net worth: $4.9 billion
• Nov. 12 real time worth: $4.7 billion
• Primary source of income: Hotels and Investments

Ray Dalio, 71, Greenwich, is the founder of the world's biggest hedge fund firm, Bridgewater Associates, which manages roughly $140 billion.

• March 18 net worth: $18 billion
• Nov. 12 real time worth: $16.9 billion
• Primary source of income: Hedge Funds

Steve Cohen, 64, Greenwich, oversees Point72 Asset Management, a $16 billion hedge fund firm that started managing outside capital in 2018.

• March 18 net worth: $13.9 billion
• Nov. 12 real time worth: $14.6 billion
• Primary source of income: Hedge Funds

Andreas Halvorsen, 59, Darien, runs hedge fund Viking Global Investors.

• March 18 net worth: $4.8 billion
• Oct. 6 real time worth: $4.8 billion
• Primary source of income: Hedge Funds

Alexandre Behring, 53, Greenwich, is a cofounder and the managing partner of 3G Capital, a multibillion-dollar Brazil-born, U.S.-led investment firm.

• March 18 net worth: $4.3 billion
• Oct. 6 real time worth: $6.4 billion
• Primary source of income: Hedge Funds

Christian Haub, 56, Greenwich, runs his family's Tengelmann Group, which began with a shop opened in Muelheim an der Ruhr in 1867.

• March 18 net worth: $3.0 billion
• Nov. 12 real time worth: $3.2 billion
• Primary source of income: Retail

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.