America’s Ultrawealthy Already Got Their V-Shaped Recovery

America’s Ultrawealthy Already Got Their V-Shaped Recovery

October 9, 2020 — When America started going into pandemic lockdown back in March, the situation was scary and uncertain for rich and poor alike. The wealthy feared that their industries, investment portfolios, and personal fortunes would be greatly diminished. Low- and middle-income people feared that their jobs and pantries would dry up, that they would be evicted and foreclosed upon. With prospects now fading for a pre-election stimulus bill and the Trump administration’s promise of a V-shaped recovery yet to materialize, America’s most vulnerable remain fearful. But our richest citizens are enjoying a strong comeback.

Earlier this week, Wealth-X, an analytics firm that crunches data on the world’s most fortunate people, released its World Ultra Wealth Report 2020. The report covers 2019 mainly, but it includes a section on how ultra-high net worth individuals—those with net assets of $30 million or more—have fared during the pandemic.

Very well, thanks. Economically, things were looking pretty fabulous for this elite group before COVID came calling. As of 2019, the United States, with about 4 percent of the planet’s population, boasted more than 32 percent of the world’s ultrawealthy individuals. From 2016 to 2019, America’s ultrawealthy set grew by 28 percent, to 93,790 people, while their combined assets grew to more than $11 trillion—an even bigger increase.

Then came coronavirus…. [Read more.]