Michigan's billionaires got $2.8Billion richer during first 3 months of coronavirus pandemic
August 6, 2020
While more than 2 million Michigan workers were forced into unemployment during the coronavirus pandemic, the state's billionaires saw their net worth increase by $2.8 billion, per Forbes.
Five of Michigan's eight billionaires saw increases in wealth in the three months since the pandemic began, to a combined $33.4 billion, according to analysis of Forbes data by the Institute for Policy Studies and Americans for Tax Fairness.
Forbes has a real-time billionaires list, which updates daily with the net worth of the world's richest people.
Forbes considers Meijer heirs Hank and Doug Meijer as a single, joint entity on its list. Manuel "Matty" Moroun is also no longer on the latest list, as the 93-year-old businessman died earlier this month.
The two group that conducted the analysis released the study while advocating for Congress to pass another financial aid package for working families and to repeal tax breaks that benefit millionaires.
"It's immoral that billionaires are getting richer and richer while average Americans are treading water if they are lucky, or drowning, from the economic crash caused by the pandemic," said Frank Clemente, executive director of Americans for Tax Fairness, in a news release.
Jeff Bezos of Amazon, Bill Gates of Microsoft and Mark Zuckerberg of Facebook are the richest three Americans, per Forbes, and rank first, second and fourth in the world. They saw their combined wealth grow by $87 billion between March 18 and June 17.
Billionaires living in Michigan range in industry from grocery to automotive to home loans. Here's a look at who they are and how they fared during the pandemic.
Hank and Doug Meijer
Industry: The Meijer brothers took over the supermarket chain Meijer from their father in 1990 and remain on the board of directors.
Residence: Grand Rapids
March 18 net worth: $10.2 billion
June 17 real time worth: $9.8 B
Change over three months: -$370 million, -3.6%
July 22 real time worth: $11.3 billion, ranking 162nd in the world
Industry: Co-founder of Quicken Loans and owner of the Cleveland Cavaliers
March 18 net worth: $6.5 billion
June 17 real time worth: $7.6 B
Change over three months: +1.1 billion, +17.5%
July 22 real time worth: $7.8 billion, ranking 253rd in the world
Industry: Director of the medical equipment company Stryker Corp.
March 18 net worth: $4.3 billion
June 17 real time worth: $5.5 B
Change over three months: +$1.2 billion, +28.4%
July 22 real time worth: $5.7 billion, ranking 390th in the world
Industry: Co-founder of Little Caesars Pizza, owner of the Detroit Red Wings and MotorCity Casino Hotel (the Detroit Tigers are now in a family trust, after the death of her husband Mike)
Residence: Bingham Farms
March 18 net worth: $3.8 billion
June 17 real time worth: $3.8 B
Change over three months: -$15 million, -0.4%
July 22 real time worth: $3.8 billion, ranking 653rd in the world
Industry: CEO of plastic container maker Plastipak
March 18 net worth: $2.1 billion
June 17 real time worth: $2.1 B
Change over three months: -$22 million, -1.0%
July 22 real time worth: $1.8 billion, ranking 1,456th in the world
Industry: Manual "Matty" Moroun died at 93 on July 12. He owned the Ambassador Bridge and the international trucking and logistics company Central Transport International.
March 18 net worth: $1.5 billion
June 17 real time worth: $1.6 B
Change over three months: +$113 million, +7.5%
Industry: Founder of the subprime auto lender Credit Acceptance Corp.
Residence: Farmington Hills
March 18 net worth: $1.1 billion
June 17 real time worth: $1.4 B
Change over three months: +$301 million, +27.3%
July 22 real time worth: $1.5 billion, ranking 1,778th in the world
Industry: Founder, chairman and CEO of Penske Automotive Group, the auto racing organization Team Penske and owner of Indianapolis Motor Speedway and the IndyCar Series
March 18 net worth: $1.1 billion
June 17 real time worth: $1.5 billion
Change over three months: +$432 million, +39.2%
July 22 real time worth: $1.7 billion, ranking 1,544th in the world
COVID-19 PREVENTION TIPS
In addition to washing hands regularly and not touching your face, officials recommend practicing social distancing, assuming anyone may be carrying the virus.