Billionaires segregate themselves from the masses as their fortunes continue to grow during the pandemic
By maryvillarealdw // 2021-08-12
Copy
 
Google co-founder Larry Page reportedly spent much of the Wuhan coronavirus (COVID-19) pandemic in isolation in private islands in Fiji. The billionaire is apparently spending much of his time on the island of Tavarua, although he has also been spotted in a number of smaller, private islands, including one he bought in August of last year. Page, who has a net worth of $117 billion, is the sixth-wealthiest person in the world. He, along with an exclusive group of elites, is able to take advantage of Fiji's "Blue Lane" program where only the wealthiest individuals can visit the archipelago on their superyachts and private jets despite others being banned. He reportedly brought his family and an entourage and has spent an "extended period" in the country during the pandemic with the help of Fijian authorities who helped him keep his presence on the private island hidden. On June 19 this year, when Fiji was hit by a second wave of COVID-19 cases, he was reported to have donated medical supplies to the country, which he transported through his private jet. However, the story later disappeared as Fijian health authorities asked the network to take the article down, saying that the information should not be made public. This story shows how the wealthy can exploit the lockdowns that they supported and facilitated to further expand economic inequality and segregate themselves from those in the lower-income brackets. (Related: One-third of all American billionaires' wealth gains over the last 30 years came during the pandemic.)

Billionaires continue to get richer during the pandemic

While the quality of life has eroded for average people during the pandemic, these individuals and their families are completely exempt from the same rules they themselves have imposed. While tourists are flushed out and banned from entering countries, Page and the rest of the billionaire elites can enjoy their days being pampered in opulence and total seclusion. In fact, many have expressed their delight at how the lockdowns have left roads, airports, and luxury resorts in Caribbean countries empty, allowing them to avoid interaction with the masses. Moreover, billionaires also exploited the pandemic to cut out the remaining competition and create centralized monopolies. While billionaire wealth has steadily increased since 1990, one-third of their wealth gain reportedly occurred during the pandemic. In the U.S., billionaire wealth increased 19-fold in the past 31 years, from an inflation-adjusted $240 billion in 1990 to $4.7 trillion in 2021. Worldwide, the combined wealth of the world's richest men rose by $540 billion in the first year of the pandemic. This included Amazon founder Jeff Bezos, who saw his personal wealth grow by $86 billion as share prices soared. This massive amount is reported to be enough to pay for vaccines for all, which is why organizations like Oxfam are urging governments to consider taxes on the super-rich. Here is how other billionaires have fared during the pandemic:
  • Elon Musk, founder of SpaceX and Tesla, is worth $172 billion, increased his wealth by 599 percent during the pandemic. The growth in wealth is about seven times NASA's $22.6 billion budget in the Fiscal Year of 2020.
  • Bill Gates, founder of Microsoft, worth $130 billion, increased his wealth by 33 percent.
  • Mark Zuckerberg, Facebook CEO, now worth $113.5 billion, increased his wealth more than twice (108 percent) in thirteen months.
The combined fortune of the nation's billionaires was at $4.1 trillion as of January 2021, and at this amount, it is about two-thirds higher than the $2.4 trillion in total wealth held by the bottom half of the population -- about 165 million Americans. These billionaires have seen their fortunes grow during the "worst economic downturn in a century." This is despite the fact that millions of ordinary people have lost their jobs and seen their businesses go under. There are an estimated 150 million people globally who will be pushed to extreme poverty as the pandemic continues. Follow Technocrats.news for more on how these billionaires continue to make money during the pandemic. Sources include: Summit.news NYPost.com Inequality.org BBC.com
Copy