US Billionaires Fortunes Increased By $1trillion Since The Pandemic Started says a new report
A new report by the Institute for Policy Studies (IPS), reveals that whilst the country is being ravaged by the coronavirus, with people losing their livelihoods due to the lockdowns, in the period between March 18 and November 24, 650 US billionaires have increased their fortunes since the pandemic started in March, by more than one third, an incredible $1.008trillion.
From this group, 29 of them doubled their wealth, while there were 36 new billionaires.
Elon Musk, tops the list, thanks to his Tesla stock, his wealth growing from $24.6 billion to $126 billion, an increase of 413 percent, overtaking Bill Gates at the top of the rich-list.
Amazon’s Jeff Bezos, added $70.7 billion to his total wealth, a 61 percent rise, in a time when he has been criticised for over 20,000 of his workforce being hit by the virus, without hazard pay.
Bezos has joined a select group of only 5 ‘centi-billionaires’, alongside Bill Gates, Mark Zuckerberg, Elon Musk, and Bernard Arnault, chairman of Louis Vuitton, all worth a net of over $100 billion each. Just 3 years ago reportedly there were no centi-billionaires.
Mark Zuckerberg from Facebook grew his wealth by 87 percent, up to $102.4 billion, whilst Dan Gilbert, chairman of Quicken Loans, was one who saw his wealth grow the fastest, from $6.5 billion to $43.9, a 575 percent increase, thanks to the need for telemedicine, and online financial services.
Zoom founder, Zoom’s Eric Yuan, wasn’t a billionaire in 2019, now his net worth is over $17 billion.
The researchers calculated that the wealth of the 650 billionaires was equal to the wealth of 160 million normal everyday people.
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