The Rich Have Added 30% To Their Wealth Thanks To The Chaos Of 2020
Despite all the talk about distress, mortgages in forbearance programs, unemployment, and businesses being locked down, the wealthy have not only survived unscathed, but have been enjoying great gains.
How are they doing it? How can individual investors and small real estate businesses make this their best year ever too?
Banking Billions
Data from Business Insider and The Guardian shows that America’s billionaires have only been enjoying more gains and wealth creation through the COVID pandemic and other chaos happening in 2020.
Within just 23 days of the first lock downs they added just short of an additional $300B to their net worth. By the summer they doubled that again to over $600B in new gains, adding almost $5B a day in profits.
Finding A Sweet Spot In Real Estate
One of the most notable trends we’ve seen since the beginning of the coronavirus pandemic is a growth in house prices.
Some data does show that there are a significant number of households that have been lagging in paying their mortgages and rent. Yet, House prices keep on heading up. Partially in response to a major shift in where people want to live and the types of housing that are needed now. As well as an enormous amount of capital fleeing other scary and more volatile and risky investments.
We’ve continued to see the likes of Jeff Bezos adding to their big real estate portfolios.
House Flipping
More and more celebrities and business icons seem to be increasingly relying on real estate to protect and build their wealth.
Given the recent disruption in the retail industry you can bet that Tommy Hilfiger has been honing his skills at flipping houses over the past few years. He is now reportedly on his eighth house flip. His recently listed house in Greenwich, CT is asking $47.5M. Over $16M than he paid for it.
In the Hamptons, one luxury home flipper has just relisted a 6.7 acre compound for $72M. That’s a potential $27M gross profit on a property purchased in the middle of the pandemic in April 2020.
Scaling Your Own Wealth
You don’t already have to be a billionaire or a fashion celebrity to make this kind of money, or to make this the best year for your finances yet.
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Set really BIG goals
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Try joint ventures with new partners
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Use transactional funding for financial leverage
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Look to undervalued areas where the most people are moving
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