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Billionaires who grew richer during the pandemic
The Covid-19 pandemic has impacted billions of people worldwide. Many have lost their health, sanity or loved ones, while others have been impacted by business closures during enforced lockdowns.
The mega rich, however, have been shielded from the economic hit caused by the pandemic.
A slew of billionaires have reeled in a huge cash increase to their already mighty bank accounts.
Monaco-based retail billionaire Brett Blundy is soon to have nearly $500m burning a hole in his pocket after a series of well-timed exits in recent months.
Brett Blundy
Add to that the prospective sale of his mega Northern Territory cattle station holdings, which at over 1.32 million hectares is on the market with a price guide around $230m.
He reaped in $84m in proceeds in September with an exited stake in youth fashion retailer Universal Store, $91m in the sale of Aventus shares and $US333m (A$443m) selling Honey Birdette.
Gerry Harvey
Harvey Norman chair Gerry Harvey's wealth spiked to $2.91bn from $2.32bn in 12 months to March 2021.
Harvey Norman over the course of the pandemic received $22m in JobKeeper payments, which were mostly administered to individual franchises that met the turnover clause to access the scheme.
At its latest half-yearly results, Harvey Norman confirmed gang buster sales had led to a net profit of $462m, a more than 116 per cent rise compared to the prior half-year result.
Billionaire Solomon Lew, who is chair of Premier Investments, saw his individual wealth jump from $2.51bn to $2.7bn in 12 months to March.
Solomon Lew
AP Eagers director and Sydney Roosters chair Nick Politis also recorded a rise in his wealth from $2.11bn to $2.12bn.
Nick Politis
The national car dealership took in more than $130m in JobKeeper payments over 2020 and reversed its loss in the prior year to a statutory net profit position of $156.2m.
Words: Louise Starkey | Melissa Yeo | Gerard CockburnProducer: Louise Starkey

Original URL: https://www.theaustralian.com.au/web-stories/free/the-australian/billionaires-who-grew-richer-during-the-covid-19-pandemic