BOSTON (WHDH) - Nineteen billionaires who call Massachusetts home collectively saw their wealth increase by $17 billion during the first three months of the coronavirus pandemic, even as the Commonwealth’s economy was left reeling from a shut down that resulted in a huge spike in unemployment claims, according to a new report.
From Mach 18 to June 17 — a time when many economic restrictions were in place to guard against the spread of COVID-19 — the total net worth of the state’s 19 billionaires rose from $53.7 billion to $70.7 billion, Americans for Tax Fairness and the Institute for Policy Studies found after analyzing Forbes data.
Abigail Johnson, Edward Johnson, III, and Jim Davis saw their wealth grow by 40%, 39%, and nearly 47%, respectively, data showed. Two of the 19 billionaires were said to be “newly-minted” as of April 10.
Over about the same period of the pandemic, 976,000 of the state’s residents lost their jobs, 106,000 fell ill with the virus and nearly 8,000 people died from it.
Below is a list of billionaires who saw their net worth increase in recent weeks and months:
MASSACHUSETTS BILLIONAIRES MARCH 18 TO JUNE 17, 2020 | ||||||
Name | March 18 Net Worth (Millions) | June 17 Real Time Worth (Millions) | Wealth Growth in 3 Months | % Growth in 3 Months | Primary Income Source | Industry |
Abigail Johnson | $10,800 | $15,148 | $4,348 | 40.3% | money management | Finance & Investments |
Robert Kraft | $6,900 | $6,949 | $49 | 0.7% | New England Patriots | Sports |
Edward Johnson, III. | $5,400 | $7,535 | $2,135 | 39.5% | money management | Finance & Investments |
Jim Davis | $4,700 | $6,888 | $2,188 | 46.6% | New Balance | Manufacturing |
Amos Hostetter, Jr. | $3,500 | $3,487 | -$13 | -0.4% | cable television | Media & Entertainment |
Alan Trefler | $2,500 | $3,875 | $1,375 | 55.0% | software | Technology |
Edward Johnson, IV. | $2,400 | $3,342 | $942 | 39.3% | money management | Finance & Investments |
Elizabeth Johnson | $2,400 | $3,342 | $942 | 39.3% | money management | Finance & Investments |
Phillip T. (Terry) Ragon | $1,700 | $2,347 | $647 | 38.1% | health IT | Technology |
Herb Chambers | $1,600 | $1,726 | $126 | 7.9% | car dealerships | Automotive |
Valentin Gapontsev | $1,600 | $2,111 | $511 | 31.9% | lasers | Manufacturing |
Seth Klarman | $1,500 | $1,500 | $0 | 0.0% | investments | Finance & Investments |
Bill Alfond | $1,400 | $1,517 | $117 | 8.4% | shoes | Fashion & Retail |
Ted Alfond | $1,400 | $1,517 | $117 | 8.4% | shoes | Fashion & Retail |
Frank Laukien | $1,300 | $1,468 | $168 | 12.9% | scientific equipment | Manufacturing |
Jim Koch | $1,300 | $1,929 | $629 | 48.4% | beer | Food & Beverage |
Paul Fireman | $1,100 | $1,141 | $41 | 3.7% | Reebok | Fashion & Retail |
Niraj Shah* | $1,100 | $2,422 | $1,322 | 120.1% | online retail | Technology |
Steve Conine* | $1,100 | $2,406 | $1,306 | 118.7% | online retail | Technology |
TOTAL | $53,700 | $70,650 | $16,950 | 31.6% | ||
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