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NEW YORK BILLIONAIRES
	
GREW $156 BILLION RICHER 	
	DURING COVID PANDEMIC,
	THEIR COLLECTIVE WEALTH
JUMPING BY 30% IN AYEAR
Gains of 120 Richest Residents Can Easily Absorb $7 Billion
In New StateTaxes Proposed by Legislature in Albany
March 19, 2021
2
InvestInOurNY.org
BILLIONAIRE WEALTH
NEW YORK — The collective wealth of New York’s 120 billionaires jumped by $156.3 billion, or 30 percent,
between mid-March of last year and this year, according to new data from Americans for Tax Fairness and
the Institute for Policy Studies compiled by the Strong Economy For All Coalition, the Fund Excluded
Workers Coalition and the Invest in Our New York campaign.
The $156.3 billion in pandemic profits of the state’s richest residents could cover the state’s projected $15
billion budget gap ten times over and still leave them wealthier than they were when the pandemic hit a
year ago.1
It’s clear that the billionaire class in New York can easily absorb progressive taxes on income,
wealth and corporate profits recently proposed by lawmakers in Albany for inclusion in this year’s
state budget, due April 1.
Between March 18, 2020 — the rough start date of the pandemic shutdown, when most federal and state
economic restrictions were put in place — and March 17, 2021, the total net worth of New York billionaires
rose from $521.5 billion to $681.3 billion, based on this analysis of Forbes data, and also shown in the table
below.2, 3, 4
The explosive full-year gains cap a year of close attention to accelerating billionaire wealth during a period
of mass suffering, impoverishment and death. Last August, billionaire wealth in New York was up by $47.5
billion — about 10%; in October, it was up by December it was up $59.8 billion or 20%, and now it’s up a
full 30%, with $156 billion in wealth gains.
The private gain of New York billionaires contrasts sharply with the health and economic struggles that
average New Yorkers are facing because of the pandemic. Over the past year, some 1,716,775 state
residents fell ill with the coronavirus, 49,171 died from it and 4,901,492 New Yorkers lost jobs in the
accompanying recession.5, 6
Over a million jobs appear to be permanently lost, making up a full ten percent
of the state workforce.7
As New York billionaires ride out the crisis in luxury homes and vacation compounds on a rising tide of
wealth, the state’s working families struggle to keep their heads above water:
•	 488,929 state residents were collecting unemployment, the week ended Jan. 9th, 2021
[U.S. Department of Labor]8
•	 1,480,000 adult state residents, or 12%, reported going hungry over the past week, and another
510,000 reported that children were going hungry. [Center on Budget & Policy Priorities, CBPP,
Table 1]9
•	 About 20% of the state’s tenants—1,152,000—were behind in their rent at the end of 2020.
[CBPP, Table 3]10
3
InvestInOurNY.org
Hundreds of thousands of New Yorkers have received no income support during the pandemic. An August
2020 Make the Road NY survey showed that 98% of unemployed undocumented workers had not
received federal or state government economic assistance.11
Low-wage workers, people of color and women have suffered disproportionately in the combined
medical and economic crises because of long-standing racial and gender disparities.12, 13, 14
Blacks and
Latinos are far more likely to become infected with Covid-19 and to die from the disease.15
Billionaires
are overwhelmingly white men.
A SAMPLING OF SOME OF THE STATE’S
PROSPERING BILLIONAIRES
•	 Mike Bloomberg The richest person in the state — media baron, private fund manager, former New
York City mayor and presidential candidate Mike Bloomberg — got $11 billion richer and now sits atop
a $59 billion fortune.
•	 Stephen Schwarzman The wealth of Trump donor, coup backer and private equity billionaire
Stephen Schwarzman leapt by more than half, shooting up $8.5 billion to $23.9 billion.
•	 Key Lauder cosmetics members Five members of the Lauder cosmetics dynasty of New York
City are collectively worth $44.4 billion, their total wealth increasing by nearly 70%, or $18.3 billion.
•	 Chase Coleman III Billionaire hedge fund manager Chase Coleman III, a descendant of Peter
Stuyvesant who Bloomberg Markets called “as close as one gets to American aristocracy” enjoyed
an explosive 128.3% increase in wealth to $10.2 billion.16
The state legislature has recently taken strong initial steps towards recovery for the entire New York economy
by proposing new investments in education, higher education, housing, healthcare, lifesaving opioid
and overdose treatments and unemployment benefits for undocumented and recently incarcerated people
with $7 billion in recurring revenue, including new progressive taxes on high incomes, wealth and
corporate profits.
Our coalitions of hundreds of community groups, labor unions, advocacy and faith groups are calling on
Senate Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie to assure this recurring
funding is included in the final budget, and to push for more in negotiations with Governor Cuomo before
April 1, including a full $3.5 billion for the excluded worker fund and unemployment benefits.
These investments will set New York on a new path, away from extreme inequality and towards a stronger,
fairer economy where all New Yorkers can prosper and thrive.
InvestInOurNY.org
4
Number
of
Billionaires
120
120
TOTAL
$681,384
$521,500
$156,356
30.0%
Name
Net
Worth
Mar.
17,
2021
($
Millions)
Net
Worth
Mar.
18,
2020
($
Millions)
1
Year
Wealth
Growth
1
Year
%
Wealth
Growth
Source
Industry
State
Gender
Age
Michael
Bloomberg
$59,000
$48,000
$11,000
22.9%
Bloomberg
LP
Media
&
Entertainment
New
York
M
78
Julia/David
Koch
$46,423
$38,200
$8,223
21.5%
Koch
Industries
Diversified
New
York
F
58
Leonard
Lauder
$25,181
$14,600
$10,581
72.5%
Estee
Lauder
Fashion
&
Retail
New
York
M
83
Jim
Simons
$24,582
$21,600
$2,982
13.8%
hedge
funds
Finance
&
Investments
New
York
M
82
Rupert
Murdoch
$24,179
$14,900
$9,279
62.3%
newspapers,
TV
network
Media
&
Entertainment
New
York
M
89
Stephen
Schwarzman
$23,944
$15,400
$8,544
55.5%
investments
Finance
&
Investments
New
York
M
73
Donald
Newhouse
$18,759
$10,800
$7,959
73.7%
media
Media
&
Entertainment
New
York
M
91
Carl
Icahn
$16,188
$13,800
$2,388
17.3%
investments
Finance
&
Investments
New
York
M
84
Chase
Coleman,
III.
$10,275
$4,500
$5,775
128.3%
hedge
fund
Finance
&
Investments
New
York
M
45
Israel
Englander
$9,558
$6,600
$2,958
44.8%
hedge
funds
Finance
&
Investments
New
York
M
71
George
Soros
$8,600
$8,300
$300
3.6%
hedge
funds
Finance
&
Investments
New
York
M
90
Leon
Black
$8,417
$6,600
$1,817
27.5%
private
equity
Finance
&
Investments
New
York
M
69
Valerie
Mars
$7,784
$6,200
$1,584
25.5%
candy,
pet
food
Food
&
Beverage
New
York
F
61
Henry
Kravis
$7,421
$5,200
$2,221
42.7%
private
equity
Finance
&
Investments
New
York
M
76
David
Shaw
$7,267
$7,300
($33)
-0.5%
hedge
funds
Finance
&
Investments
New
York
M
69
Ralph
Lauren
$7,062
$5,700
$1,362
23.9%
apparel
Fashion
&
Retail
New
York
M
80
Stephen
Ross
$6,998
$7,600
($602)
-7.9%
real
estate
Real
Estate
New
York
M
80
Bruce
Kovner
$6,569
$5,300
$1,269
23.9%
hedge
funds
Finance
&
Investments
New
York
M
75
David
Siegel
$6,464
$6,100
$364
6.0%
hedge
funds
Finance
&
Investments
New
York
M
59
James
Chambers
$6,226
$5,100
$1,126
22.1%
media,
automotive
Media
&
Entertainment
New
York
M
63
Katharine
Rayner
$6,226
$5,100
$1,126
22.1%
media,
automotive
Media
&
Entertainment
New
York
F
75
Margaretta
Taylor
$6,226
$5,100
$1,126
22.1%
media,
automotive
Media
&
Entertainment
New
York
F
78
Charles
Dolan
$6,157
$4,600
$1,557
33.9%
cable
television
Media
&
Entertainment
New
York
M
93
Jane
Lauder
$5,970
$3,300
$2,670
80.9%
Estée
Lauder
Fashion
&
Retail
New
York
F
47
SOURCES
March
18,
2020,
data
from
the
Forbes
World’s
Billionaires
List,
Richest
in
2020.
March
17,
2021
data
taken
from
Forbes
real-time
estimates
of
wealth
that
day.
InvestInOurNY.org
5
Stanley
Druckenmiller
$5,600
$4,700
$900
19.1%
hedge
funds
Finance
&
Investments
New
York
M
67
Ronald
Lauder
$5,500
$4,000
$1,500
37.5%
Estee
Lauder
Fashion
&
Retail
New
York
M
76
Daniel
Ziff
$5,000
$5,000
$0
0.0%
investments
Finance
&
Investments
New
York
M
48
Robert
Ziff
$5,000
$5,000
$0
0.0%
investments
Finance
&
Investments
New
York
M
54
Ken
Langone
$4,999
$3,200
$1,799
56.2%
investments
Finance
&
Investments
New
York
M
84
Joshua
Harris
$4,959
$4,000
$959
24.0%
private
equity
Finance
&
Investments
New
York
M
55
Jonathan
Gray
$4,816
$3,200
$1,616
50.5%
investments
Finance
&
Investments
New
York
M
50
Ron
Baron
$4,514
$2,300
$2,214
96.3%
money
management
Finance
&
Investments
New
York
M
77
Tony
Tamer
$4,500
$4,000
$500
12.5%
private
equity
Finance
&
Investments
New
York
M
62
Julian
Robertson,
Jr.
$4,479
$4,400
$79
1.8%
hedge
funds
Finance
&
Investments
New
York
M
88
Barry
Diller
$4,340
$3,000
$1,340
44.7%
online
media
Media
&
Entertainment
New
York
M
78
Paul
Singer
$4,285
$3,500
$785
22.4%
hedge
funds
Finance
&
Investments
New
York
M
76
Leonard
Stern
$4,223
$4,500
($277)
-6.2%
real
estate
Real
Estate
New
York
M
82
Jon
Stryker
$4,088
$2,700
$1,388
51.4%
medical
equipment
Healthcare
New
York
M
62
Ira
Rennert
$4,037
$3,000
$1,037
34.6%
investments
Finance
&
Investments
New
York
M
86
William
Lauder
$4,036
$2,200
$1,836
83.5%
Estee
Lauder
Fashion
&
Retail
New
York
M
60
Marc
Rowan
$3,941
$3,200
$741
23.1%
private
equity
Finance
&
Investments
New
York
M
58
Don
Vultaggio
$3,843
$2,700
$1,143
42.3%
beverages
Food
&
Beverage
New
York
M
68
Aerin
Lauder
$3,792
$2,100
$1,692
80.6%
cosmetics
Fashion
&
Retail
New
York
F
50
Ronald
Perelman
$3,789
$6,900
($3,111)
-45.1%
leveraged
buyouts
Finance
&
Investments
New
York
M
77
Daniel
Och
$3,609
$3,100
$509
16.4%
hedge
funds
Finance
&
Investments
New
York
M
59
Daniel
Loeb
$3,551
$2,800
$751
26.8%
hedge
funds
Finance
&
Investments
New
York
M
58
Thomas
Secunda
$3,543
$3,000
$543
18.1%
Bloomberg
LP
Media
&
Entertainment
New
York
M
66
Charles
Cohen
$3,531
$3,200
$331
10.3%
real
estate
Real
Estate
New
York
M
68
John
Paulson
$3,500
$4,200
($700)
-16.7%
hedge
funds
Finance
&
Investments
New
York
M
64
Steven
Klinsky
$3,412
$2,900
$512
17.6%
investments
Finance
&
Investments
New
York
M
64
Richard
LeFrak
$3,347
$2,800
$547
19.6%
real
estate
Real
Estate
New
York
M
75
Joseph
Edelman
$3,253
$1,200
$2,053
171.1%
hedge
funds
Finance
&
Investments
New
York
M
65
Jerry
Speyer
$3,134
$4,000
($866)
-21.6%
real
estate
Real
Estate
New
York
M
80
Jane
Goldman
$3,072
$3,100
($28)
-0.9%
real
estate
Real
Estate
New
York
F
65
Pablo
Legorreta
$3,027
N/A
N/A
N/A
investments
Finance
&
Investments
New
York
M
56
InvestInOurNY.org
6
Amy
Goldman
Fowler
$2,993
$3,100
($107)
-3.4%
real
estate
Real
Estate
New
York
F
66
Diane
Kemper
$2,972
$3,100
($128)
-4.1%
real
estate
Real
Estate
New
York
F
75
Allan
Goldman
$2,969
$3,100
($131)
-4.2%
real
estate
Real
Estate
New
York
M
77
William
Ackman
$2,951
$1,400
$1,551
110.8%
hedge
funds
Finance
&
Investments
New
York
M
54
Vincent
Viola
$2,947
$2,000
$947
47.4%
electronic
trading
Finance
&
Investments
New
York
M
64
Ben
Ashkenazy
$2,940
$3,500
($560)
-16.0%
real
estate
Real
Estate
New
York
M
50
Alejandro
Santo
Domingo
$2,914
$2,100
$814
38.7%
beer
Food
&
Beverage
New
York
M
43
Jeff
Sutton
$2,869
$3,800
($931)
-24.5%
real
estate
Real
Estate
New
York
M
60
John
Catsimatidis
$2,847
$3,300
($453)
-13.7%
oil,
real
estate
Energy
New
York
M
72
David
Gottesman
$2,772
$2,000
$772
38.6%
investments
Finance
&
Investments
New
York
M
94
Mortimer
Zuckerman
$2,766
$2,500
$266
10.6%
real
estate,
media
Real
Estate
New
York
M
83
Charles
Zegar
$2,577
$2,100
$477
22.7%
Bloomberg
LP
Media
&
Entertainment
New
York
M
72
Jeremy
Jacobs,
Sr.
$2,545
$3,200
($655)
-20.5%
food
service
Service
New
York
M
80
Stephen
Feinberg
$2,419
$1,500
$919
61.3%
private
equity
Finance
&
Investments
New
York
M
60
Boris
Jordan
$2,396
N/A
N/A
N/A
cannabis
distribution
Manufacturing
New
York
54
Noam
Gottesman
$2,374
$2,600
($226)
-8.7%
hedge
funds
Finance
&
Investments
New
York
M
59
Stewart
Rahr
$2,287
$2,300
($13)
-0.6%
drug
distribution
Healthcare
New
York
M
74
Robert
Sands
$2,193
$1,800
$393
21.8%
liquor
Food
&
Beverage
New
York
M
62
David
Walentas
$2,186
$2,300
($114)
-4.9%
real
estate
Real
Estate
New
York
M
82
J.
Tomilson
Hill
$2,161
$1,600
$561
35.1%
investments
Finance
&
Investments
New
York
M
72
Jeffrey
Talpins
$2,141
$1,700
$441
25.9%
hedge
fund
Finance
&
Investments
New
York
M
45
Philippe
Laffont
$2,135
$1,400
$735
52.5%
hedge
fund
Finance
&
Investments
New
York
M
53
Howard
Marks
$2,125
$2,200
($75)
-3.4%
private
equity
Finance
&
Investments
New
York
M
74
Hamilton
James
$2,121
$1,400
$721
51.5%
investments
Finance
&
Investments
New
York
M
69
Daniel
Lubetzky
$2,102
$1,200
$902
75.2%
snack
bars
Food
&
Beverage
New
York
M
52
Glenn
Dubin
$2,010
$2,000
$10
0.5%
hedge
funds
Finance
&
Investments
New
York
M
63
Alexis
Lê-Quôc
$1,981
N/A
N/A
N/A
cloud
computing
Technology
New
York
M
45
Thomas
Lee
$1,980
$2,000
($20)
-1.0%
private
equity
Finance
&
Investments
New
York
M
76
Leonard
Schleifer
$1,882
$2,100
($218)
-10.4%
pharmaceuticals
Healthcare
New
York
M
68
James
Dinan
$1,870
$2,200
($330)
-15.0%
hedge
funds
Finance
&
Investments
New
York
M
61
Felix
Baker
$1,860
$1,400
$460
32.9%
biotech
investing
Finance
&
Investments
New
York
M
51
InvestInOurNY.org
7
Julian
Baker
$1,860
$1,400
$460
32.9%
investing
Finance
&
Investments
New
York
M
54
Jamie
Dimon
$1,849
$1,200
$649
54.0%
banking
Finance
&
Investments
New
York
M
64
Brian
Higgins
$1,800
$1,600
$200
12.5%
hedge
funds
Finance
&
Investments
New
York
M
55
O.
Francis
Biondi
$1,800
$1,600
$200
12.5%
hedge
funds
Finance
&
Investments
New
York
M
56
Henry
Swieca
$1,780
$1,800
($20)
-1.1%
hedge
funds
Finance
&
Investments
New
York
M
63
Andres
Santo
Domingo
$1,768
$2,100
($332)
-15.8%
beer
Food
&
Beverage
New
York
M
42
Marc
Lasry
$1,761
$1,800
($39)
-2.2%
hedge
funds
Finance
&
Investments
New
York
M
60
David
Lichtenstein
$1,673
$1,700
($27)
-1.6%
real
estate
Real
Estate
New
York
M
59
Nelson
Peltz
$1,646
$1,600
$46
2.9%
investments
Finance
&
Investments
New
York
M
78
John
Farber
$1,548
$1,200
$348
29.0%
chemicals
Manufacturing
New
York
M
95
Herbert
Allen,
Jr.
$1,503
$1,400
$103
7.4%
investment
banking
Finance
&
Investments
New
York
M
80
Jonathan
Oringer
$1,477
N/A
N/A
N/A
stock
photos
Technology
New
York
M
46
Alan
Gerry
$1,461
$1,500
($39)
-2.6%
cable
television
Media
&
Entertainment
New
York
M
91
Louis
Bacon
$1,440
$1,500
($60)
-4.0%
hedge
funds
Finance
&
Investments
New
York
M
64
Jonathan
Tisch
$1,438
$1,400
$38
2.7%
insurance,
NFL
team
Diversified
New
York
M
67
Wilma
Tisch
$1,437
$1,200
$237
19.8%
diversified
Finance
&
Investments
New
York
F
93
Sidney
Kimmel
$1,390
$1,300
$90
6.9%
retail
Fashion
&
Retail
New
York
M
92
Jay-Z
$1,386
$1,000
$386
38.6%
diversified
Media
&
Entertainment
New
York
M
51
Greg
Mondre
$1,338
$1,200
$138
11.5%
private
equity
Finance
&
Investments
New
York
M
46
Wesley
Edens
$1,275
$1,000
$275
27.5%
investments
Finance
&
Investments
New
York
M
59
J.
Christopher
Flowers
$1,222
$1,200
$22
1.9%
investments
Finance
&
Investments
New
York
M
63
Lawrence
Golub
$1,200
$1,200
$0
0.0%
private
equity
Finance
&
Investments
New
York
M
61
Michael
Steinhardt
$1,191
$1,100
$91
8.3%
hedge
funds
Finance
&
Investments
New
York
M
80
Laurie
Tisch
$1,166
$1,000
$166
16.6%
insurance,
NFL
team
Diversified
New
York
F
69
Martha
MacMillan
$1,146
N/A
N/A
N/A
Industrial
Equipment
Service
New
York
M
66
George
Yancopoulos
$1,112
$1,100
$12
1.1%
pharmaceuticals
Healthcare
New
York
M
61
David
Golub
$1,100
$1,100
$0
0.0%
private
equity
Finance
&
Investments
New
York
M
58
Axel
Stawski
$1,032
$1,000
$32
3.2%
Real
Estate
Real
Estate
New
York
M
69
Sheldon
Solow
N/A
$4,200
N/A
N/A
real
estate
Real
Estate
New
York
M
92
Alexander
Rovt
N/A
$1,300
N/A
N/A
fertilizer,
real
estate
Manufacturing
New
York
M
68
Julio
Mario
Santo
Domingo,
III.
N/A
$1,000
N/A
N/A
beer
Food
&
Beverage
New
York
M
35
InvestInOurNY.org
8
Alain
Wertheimer*
$34,500
$17,100
$17,400
101.8%
Chanel
Fashion
&
Retail
New
York
M
72
Gerard
Wertheimer*
$34,500
$17,100
$17,400
101.8%
Chanel
Fashion
&
Retail
New
York
M
69
Katharina
Otto-Bernstein*
$4,100
$2,000
$2,100
105.0%
real
estate
Real
Estate
New
York
F
57
David
Nahmad*
$2,000
$1,800
$200
11.1%
art
collection
Diversified
New
York
M
73
Hamdi
Ulukaya*
$2,000
$1,800
$200
11.1%
greek
yogurt
Food
&
Beverage
New
York
M
48
Daniel
Dines*
$6,000
$1,300
$4,700
361.5%
software
Technology
New
York
M
49
*6
billionaires
have
residences
in
New
York
but
are
not
U.S.
citizens
and
thus
are
counted
towards
the
New
York
total
but
not
the
U.S.
total.
9
InvestInOurNY.org
ENDNOTES
1	 https://www.nytimes.com/2021/01/19/nyregion/budget-cuomo-ny.html
2	 https://www.cnn.com/2020/03/13/politics/states-coronavirus-fema/index.html
3	 https://www.foxnews.com/us/what-states-have-declared-coronavirus-emergencies
4	 https://docs.google.com/spreadsheets/d/1jXGb_ccKfjQLswrQlg3RVWsJmtOGZFRYDR9m8GvIK2g/
edit#gid=1259834744
5	 https://coronavirus.jhu.edu/region
6	 https://oui.doleta.gov/unemploy/claims.asp
7	 https://nypost.com/2021/01/22/new-york-lost-1-million-jobs-in-2020-due-to-covid-19/
8	 https://www.dol.gov/ui/data.pdf
9	 https://www.cbpp.org/research/poverty-and-inequality/tracking-the-covid-19-recessions-effects-on-
food-housing-and
10	 https://www.cbpp.org/research/poverty-and-inequality/tracking-the-covid-19-recessions-effects-on-
food-housing-and
11	 https://maketheroadny.org/wp-content/uploads/2019/08/MRNY-Survey2.pdf
12	 https://www.nytimes.com/2020/05/14/business/economy/coronavirus-jobless-unemployment.html
13	 https://www.npr.org/sections/health-shots/2020/05/30/865413079/what-do-coronavirus-racial-dispari-
ties-look-like-state-by-state
14	 https://economictimes.indiatimes.com/magazines/panache/looking-at-the-pandemic-through-gender-
lens-women-are-facing-the-brunt-of-covid-19-with-more-job-cuts-less-pay/articleshow/75735303.cms
15	 https://covid.cdc.gov/covid-data-tracker/#demographics
16	 https://www.bloomberg.com/news/articles/2012-01-10/chase-coleman-channels-ancestor-stuyve-
sant-with-45-robertson-like-return?sref=qJ72OJyG

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