World’s richest people are growing even richer during the coronavirus pandemic
Amazon and the other two tech giants prepare to defend its business at the antitrust conference on Wednesday. Their fast-growing platform shows a breath-taking view of the company’s wealth. Jeff Bezos has found that Amazon Inc. has a net worth of $63 billion this year. And on a day this month, it jumps to an unprecedented $13 billion. The world’s richest man is on the cusps to bring another record.
On the other hand, Mark Zuckerberg of Facebook Inc. had been growing at its fastest pace and become $9.1 billion richer this year. This sudden growth placed his fortune within the reach of other billionaires like Bill Gates and Jeff Bezos. Meanwhile, Tesla has also shown major growth in the automation industry with $104 million despite the shutdown on its manufacturing in Fermont. Together, Jeff Bezos, Mark Zuckerberg, and Elon Musk have been able to generate $115 billion in the year 2020 amid lockdown.
It is mind-boggling how technology is moving at this fastest speed and scale during the pandemic. However, middle-sized and small-sized industries are struggling with the adoption of new technologies, the tech giants are growing rapidly. In fact, no other groups have reached to such a level as these three companies. Indeed, the world’s richest people are growing even richer in this lockdown. As the people are contained at their homes and driven towards more online activities.
The economy has drastically changed over the past few months when traditional ways of working are shifting towards more digital use through online presence. Usually, such changes take years to implement but now people are adapting to this environment within weeks. Now the conferences and meetings held online via video calls, just like Sundar Pichai’s video conference meet.
Have you ever take along that most of the top 10 World richest men are the people who drive their fortunes from technology holdings!!
At the top is Jeff Bezos, his story is an American-success achieved its position through risk-taking, and after taking relentless measures, he becomes the world’s largest online retailer. Microsoft Corp, whose co-founder is Bill Gates have also soared the company at new levels. Indian Billionaire Mukesh Ambani, whose fortune was initially tied up to the oil refining is now shifting towards the online platform. Reliance shares have shown a rise of 45% this year while expanding his business into the digital retail system. Now, Elon Musk has also shown his worth with his efforts and its net worth has more than doubled this year. Eventually, leading Tesla’s share to rise.
The largest digital economy has been controlled mainly by five of the largest tech companies, namely – Apple, Amazon, Alphabet, Facebook, and Microsoft. They combined have the market valuation equivalent to 30% in the U.S. domestic market.
The collective wealth of tech billionaires of the world’s 500 richest people has been doubled since 2016, from $751 billion to $1.4 trillion. Sectors like this are growing faster than any other.
While the tech companies had faced various grudges and obstacles in countless ways affecting the wealth of the company, the pandemic loses these grudges and critics. The technologies provided by these companies came very helpful at this crucial time. Without these technologies, the fall out of social distancing and lockdown would have been worse.
But everything comes with a cost!
The increase of digital technologies which actually dominates the social life and it will eventually accelerate the trend towards automation in the upcoming days. The rapid increase in techs can actually lead to a reduction in employment, deepens inequality, and weakens democracy.
At the beginning of this year, U.S. presidential race, Elizabeth Warren and Sanders proposed billionaires to pay wealth taxes. The is a good idea, isn’t it?
As billionaires accumulate a huge amount of unrealized capital gains, on which they do not pay much. The idea of this wealth tax generation will help countries with their finances that have been devastated due to pandemic.
