US Billionaires Got Richer while Others Faced Financial Hardship
In the first two months of the coronavirus pandemic, US billionaires saw a major boost in net worth, according to Business Insider.
As the nine-week total of unemployed Americans swells to 39 million, a new report, published on Thursday by the left-leaning think tanks Americans for Tax Fairness and the Institute for Policy Studies, indicates a $434 billion boost in the total net worth of all US billionaires since March 19, when many states were placed on lockdown.
With 623 billionaires alive in the US, just the top five billionaires, including Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates, Facebook co-founder Mark Zuckerberg, investor Warren Buffett, and Oracle founder Larry Ellison, got a total of $75.5 billion or 19% increase in their wealth.
In total, the wealth of all US billionaires increased from $2.948 trillion to $3.382 trillion within the past two months.
The executive director of Americans for Tax Fairness, Frank Clemente said, “The pandemic has revealed the deadly consequences of America’s yawning wealth gap, and billionaires are the glaring symbol of that economic inequality. … the rich and corporations must begin to pay their fair share of taxes.” He also advocates for closing tax loopholes for the wealthy.
Although new reports indicate the wealth of all US billionaires got a boost, the previous research by Forbes indicated that their wealth declined from $3.1 trillion in 2019 to $2.9 trillion in 2020 as of March 18.