U.S. Billionaires Develop Wealth By Over $1 Trillion Since Pandemic Started: Report

Billionaires within the U.S. have grown their wealth by over a 3rd — or by greater than $1 trillion — for the reason that COVID-19 pandemic hit the nation in March, a brand new report finds. 

On the identical time, the financial disaster brought on by the coronavirus pandemic has left tens of millions of Individuals jobless and struggling to pay their mortgages, rents and meals payments. 

A report launched Wednesday by the Washington-based Institute for Coverage Research tracked the online value of the over 650 of the wealthiest Individuals from March 18 to Nov. 24, and located that dozens joined the ranks of billionaires throughout this era and that 29 noticed their wealth double amid the pandemic.

The web value of this minuscule group is twice the quantity of wealth of the underside 50% of U.S. households — about 160 million folks, per the report. 

Amazon’s Jeff Bezos noticed his web value develop 61% since mid-March, from $113 billion to $182.4 billion. Amazon’s employees, in the meantime, haven’t acquired hazard pay in months, at the same time as they’ve continued working through the worsening pandemic. Practically 20,000 Amazon employees have been contaminated with coronavirus, in line with the corporate. 

Bezos is one in every of 5 “centi-billionaires” on this planet — folks with a web value over $100 billion — alongside Louis Vuitton chairman Bernard Arnault, Microsoft founder Invoice Gates, Fb CEO Mark Zuckerberg, and Tesla CEO Elon Musk. Three years in the past, there have been no centi-billionaires, in line with the report. 

The U.S. unemployment charge was almost 7% final month — with over 11 million Individuals thought of unemployed — almost twice the extent of February, earlier than the pandemic hit.

The U.S. Census Bureau’s survey of American households discovered that from Oct. 28-Nov. 9, over 15 million households — or 28% of renters surveyed — had both “no confidence” or solely “slight confidence” of with the ability to make their subsequent month’s fee.

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