The Net Worth Of America’s 600-Plus Billionaires Has Increased By More Than $400 Billion During The Pandemic

TOPLINE

America’s billionaires saw their wealth increase by $434 billion during the course of the global pandemic, according to a new report, a staggering figure that coincided with upheaval to the global economy and more than 38 million Americans filing for unemployment.

KEY FACTS

Critical quote: 

“While millions risk their lives and livelihoods as first responders and front line workers, these billionaires benefit from an economy and tax system that is wired to funnel wealth to the top,” said Chuck Collins, director of the IPS Program on Inequality. 

Big Number:

According to the report, the total net worth of America’s billionaires rose 15% during the two months, from $2.9 trillion to $3.4 trillion.

Key Background:

The gap between those at the very top of America’s economic ladder and those at, or near, the bottom was already immense before the coronavirus began to wreak havoc on the U.S. economy. That existing rift has increased over the last two months, as evidenced by the inverse relationship between employment numbers (particularly for low-income earners) and the composite wealth of America’s billionaire class. In addition to job losses, an estimated 16 million U.S. workers have likely lost employer-provided health insurance since the pandemic first began to impact America. Those with considerable wealth have benefited from the stock market’s recovery, after an initial crash in the early stages of the pandemic, rallying on promises of assistance from the Federal Reserve. Ultimately, the global economy, in a worst-case scenario, could take an $80 trillion hit, according to a recent study. 

Further Reading:

Dow Loses 100 Points As Another 2.4 Million Americans File For Unemployment (Forbes) 

American billionaires got $434 billion richer during the pandemic (CNBC)

Nation’s Billionaire’s See Net Worth Jump $434B in First Two Months of Pandemic (ATF)

Largest tech company CEOs made billions amid pandemic (The Hill)