UpdatedThu, Apr 8, 2021 at 12:44 pm ET
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Patriots owner Robert Kraft is still one of the richest men in Massachusetts by a comfortable margin. (AP Photo/Elise Amendola)
The coronavirus has wreaked havoc on the U.S. economy, yet billionaires in Massachusetts and across the globe are significantly wealthier than they were a year ago, according to this year s recently released Forbes World s Billionaires List.
The number of billionaires on Forbes 35th annual list jumped to an unprecedented 2,755 people, 660 more than a year ago. Altogether, they are worth $13.1 trillion, up from $8 trillion in 2020.
Among those on the list, 86 percent are richer today than they were a year ago. No one on the Massachusetts list lost any money, according to Forbes.
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Wayfair Fourth Quarter 2020 Earnings Release and Conference Call. [Operator Instructions]
It is now my pleasure to hand the conference over to Head of Investor Relations and Special Projects, Jane Gelfand.
Jane Gelfand
Head of Investor Relations & Special Project
Good morning, and thank you for joining us. Today, we will review our fourth quarter 2020 Results. With me are Niraj Shah, Co-Founder, Chief Executive Officer and Co-Chairman; Steven Conine, Co-Founder and Co-Chairman; and Michael Fleischer, Chief Financial Officer. We will all be available for Q&A following today s prepared remarks.
This time of year, China s Lunar New Year celebration brings about a slowdown in manufacturing and supply chain movement that retailers didn t have an adequate chance to prepare for due to the turmoil of the last year and the existing difficulty in restocking.
Freight capacity is strapped on land, air, and sea, but for Wayfair, ocean freight is of particular concern since even in a pinch, furniture sellers are unlikely to go by air, due to the cost.
The nearly year-long cascade of disruption is an industry-wide problem. Gary Friedman, CEO of Restoration Hardware s parent company, said on a December earnings call that backorders were higher than they d been in 20 years. La-Z-Boy CEO Kurt Darrow called the five- to nine-month lead times his customers are currently waiting unprecedented on an earnings call earlier this month.