Image: Source

 Eight billion Coloradoans received a new $ 9.7 billion worth of property last year, compared to the hundreds of thousands of Coloradans who lost their jobs, savings, or health.

No one found more between March 18, 2020, and on Thursday than Charlie Ergen, co-founder of Dish Network and EchoStar who is now the richest man in Colorado. Ergen was worth $ 5.4 billion last March and can now be worth $ 10.7 billion, according to Forbes data.

That is 98% profit for investor Philip Anschutz, who saw his total value drop during the epidemic, from $ 11 billion to $ 10.1 billion, or about 8%.

The economic downturn in 2020 was somewhat different from the Great Recession, as evidenced by these billions of benefits, says Markus Schneider, a professor of economics at the University of Denver. The stock market has been on the rise since hitting a nadir in March 2020, bringing investors huge profits as unemployment rates remain higher than pre-pandemic levels.

"As it has become clear, the stock market is not an economy," Schneider said. “Recently they have gone a very different direction and yes, in such a downward spiral if you relied on pay from work you would be in a very precarious position.

"That's when the pandemic is so different from the big economy," he added. "During the Great Recession, things are happening in the financial markets so the stock market is also declining very quickly."

Ken Tuchman, the founder of the Englewood-based outsourcing giant TTEC, saw a dramatic increase in Colorado's billionaires - from $ 1.3 billion in March 2020 to $ 3.1 billion on Thursday, according to Forbes data. TTEC did not respond to a request for comment.

John Malone, chairman of Liberty Media, earned $ 2.3 billion last year and now costs $ 8.1 billion. Pat Stryker, heir to medical technology, and the richest woman in Colorado have grossed $ 900 million and now cost $ 2.9 billion. And media heir Gary Magness has received $ 500 million and is worth $ 1.6 billion. Messages left with speakers were not retrieved.

One thing the epidemic has made it clear is that billions have “crumbled” the entire economy, says Chuck Collins, a progressive Institute for Policy Studies author and author of several books on income inequality.

"I was watching a multi-billion dollar fortune during the Red Recession in 2008-2009 when the total assets of the Forbes 400 declined for four years, declined by the fortune of all others and did not return to the level of 2007 until 2013," he said. "So, I thought (last year) that the economy would be hit with a hammer, rich people would suffer as much as others, and obviously not."