Report: 19 Mass. billionaires see net worth jump significantly during first 3 months of coronavirus pandemic

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.

RELATED: Survey: Nearly three-quarters of Mass. workers suffering from work-from-home burnout, many switching jobs

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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