Billionaire investor on big coronavirus opportunities
Gamco Investors Chairman and CEO Mario Gabelli discusses investing amid coronavirus.
Despite the severe negative effects of the coronavirus pandemic on the U.S. economy, some states have seen the wealth among their ultrarich residents collectively increase between March and June.
Continue Reading Below
According to a new report from Americans for Tax Fairness, which analyzed Forbes data, only two states saw the wealth among their billionaire population decline since the domestic outbreak began: Mississippi and Arkansas.
Every state has at least one individual or family with $1 billion or more, the data showed. Though a handful – nearly 10 – have just one resident who has wealth valued at that threshold.
CORONAVIRUS CAUSED MAJORITY OF NEW YORKERS TO LOSE WORK INCOME
Here’s a look at the states with the greatest number of billionaires and the wealth they have accumulated over the past few months:
The Golden State is home to the most billionaires, 154.
Between March 18 and June 17, these individuals collectively accumulated an additional $175.4 billion.
There are 112 individuals considered billionaires in New York.
MILLIONAIRES CALL FOR HIGHER TAXES FOR CORONAVIRUS RELIEF: 'IT IS THE ONLY CHOICE'
Despite the heavy economic toll the virus has inflicted on the state – and New York City specifically – these ultrawealthy individuals made an additional $77.3 billion from mid-March through June.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Florida and Texas
Florida and Texas have 56 billionaires apiece.
In Florida, that group of billionaires made $15.5 billion since March, while in Texas, those 56 individuals earned $24 billion.
Illinois and Massachusetts
There are 17 billionaires in both Illinois and Massachusetts. In the former, billionaire wealth rose by $4.9 billion since March, while it increased by $17 billion in the latter.
CLICK HERE TO READ MORE ON FOX BUSINESS
Source: Read Full Article