2020 was a good year for Michigan billionaires - the richest gained $45 billion

[demmiblue]

On Aug. 5, 2020, Dan Gilbert was worth an estimated $7.5 billion. On Aug. 20, he was worth $45 billion.

Forbes released its annual World Billionaires List this week, noting 86% of the world’s wealthiest people are richer than they were a year ago. The world now has 2,755 billionaires, 660 more than last year.

2020 was a good year to be a billionaire – and Michigan’s richest were no exception.

Gilbert, co-founder of Quicken Loans/Rocket Companies and owner of the Cleveland Cavaliers, was the biggest winner. Most of the increase is credited to his company offering shares on the New York Stock Exchange for the first time in early August.

Gilbert gained more wealth in 2020 than Bill Gates, Mark Zuckerberg and Warren Buffet, who ranked fourth, fifth and sixth on Forbes’ list. Gilbert ranks 23rd, making him Michigan’s richest person.

While millions struggled through the pandemic, the rich got richer.

“It’s easier to make money when you’re wealthy,” said Frank Clemente, executive director of Americans for Tax Fairness. “These folks don’t make their wealth from their paycheck, they make their wealth from their assets.”

https://www.mlive.com/public-interest/2021/04/2020-was-a-good-year-for-michigan-billionaires-the-richest-gained-45-billion.html

[multigraincracker]

1. As a Michigan thousandaire

I’ve increased my worth by almost a half of a thousand. Please don’t judge me.