Billionaire From Santa Cruz On 2020 Forbes List (2024)

Business & Tech

Forbes released its 2020 World's Billionaires List and looked at coronavirus relief efforts.

Posted Wed, Apr 15, 2020 at 8:08 am PT|Updated Wed, Apr 15, 2020 at 3:12 pm PT

However, many of the same billionaires are using their positions to become agents of change by donating significant portions of their wealth and dedicating resources to help the United States battle the effects of the ongoing pandemic. They are donating to vaccine research, food relief, and other causes.

The stock market plunge brought on by coronavirus pared down the number of billionaires.

According to the 34th annual list, released last week, there are a total 64 billionaires who live in the greater Bay Area, mostly in San Francisco, on the Peninsula, and in the South Bay. Here in Santa Cruz, there is one entry:

• Reed Hastings, cofounder and CEO of Netflix, revolutionized how the world is entertained, $4.6 billion, Santa Cruz

Hastings was lauded for his efforts in helping to lessen the sting of coronavirus. Forbes reports, "Netflix announced on March 20 that it had created a $100 million relief fund for out-of-work production professionals — including cast and crew — many of whom are paid hourly and on a project basis. the relief is not limited to workers on Netflix’s projects. The streaming giant has also committed to two weeks’ pay to all staff on productions that have been suspended."

There are 2,095 billionaires on this year’s list, down from 2,153 in 2019. The total combined net worth of this year’s billionaires is $8 trillion, down from $8.7 trillion in 2020. There are 178 billionaires who made the list for the first time.

More than 250 people dropped off this year’s list, and a record 1,062 have seen a drop in their fortunes, a reflection of the turbulent markets and the coronavirus pandemic.

Billionaire Jeff Bezos maintains the top spot on this year’s ranking for the third consecutive year, despite his net worth plunging by $18 billion. The Amazon CEO is valued at $113 billion. The decrease in his net worth is primarily due to his recent divorce.

Bill Gates remains in the No. 2 position with a fortune of $98 billion, up $1.5 billion from last year.

Bernard Arnault of LVMH moves up on this year’s ranking as the third-wealthiest person in the world, after Warren Buffett’s fortune fell by $15 billion. Buffett is valued at $67.5 billion, down from $82.5 billion from last year.

Rounding out the top five is Larry Ellison, founder, chairman and chief technology officer of Oracle Corp. While the software executive moved up on the ranking, his fortune is down $3.5 billion this year to $59 billion.

See the full 2020 Forbes Billionaires List.