Everyday, it becomes clearer: the COVID-19 pandemic is hitting poor, working, and marginalized communities the hardest.
Millions of workers – especially low-wage retail, food service, hospitality, and care workers – have faced the terrible choice daily between going to work and risking their health, or staying home and risking their paychecks. Many other workers don’t even have that choice, with around 30 million people in the US filing for unemployment in the past six weeks.
But billionaires don’t face these same problems. As tens of millions have lost their jobs over the past two months, billionaire wealth soared by a whopping $282 billion between March 18 and April 10, according to a new study from the Institute for Policy Studies.
And while finding enough space to wait out the pandemic is something many struggle with, billionaires have been escaping to their second (or third, or fourth) homes to ride it out in luxury – all while they position themselves to further profit off of this crisis.
Clearly, the COVID-19 pandemic is not the “great equalizer” that some predicted.
Here, we look at how some billionaires – hedge fund managers, real estate developers, etc – have taken to social distancing in wealthy enclaves like Palm Beach and the Hamptons – and of course, their super yachts.