unilad
Advert

US Billionaires’ Wealth Grew By $1,300,000,000,000 During Pandemic

by : Julia Banim on : 23 Mar 2021 17:35
US Billionaires PA Images

A new report has revealed that US billionaires have seen their wealth grow by an astonishing $1,300,000,000,000 over the course of the coronavirus pandemic.

This report from the Institute for Policy Studies, published Tuesday, March 23, tracked the net worth of the richest people in America from March 18, 2020, right up to March 18, 2021.

Advert

It was discovered that Tesla CEO Elon Musk, Amazon head Jeff Bezos and Facebook founder Mark Zuckerberg were among those whose fortunes soared more significantly over the course of the year. Meanwhile, an additional 43 people became billionaires.

Rising Tesla Share Price Creates Army Of Self-Named 'Teslanaires'PA Images

This report, which drew from Forbes data, found that Musk topped the list, with his wealth increasing by 559%. This has left him $137.5 billion richer.

Bezos’s wealth increased by 57.6%, rising from an approximate net worth of $113 billion on March 18, 2020 to $178.1 billion by March 18, 2021. Meanwhile, Zuckerberg saw his fortune rise by $47 billion, or 86%.

Advert

Chuck Collins, director of the Institute for Policy Studies’ Program on Inequality, said:

The pandemic profiteers are extracting windfalls of wealth during a time of widespread suffering for the majority of people.

They exploit the artificial markets created by the pandemic, including having their Main Street competition shuttered and our increased dependence on online technologies.

Jeff BezosPA Images

These enormous rises in wealth stand in stark contrast to the everyday realities of ordinary Americans, many of whom have been hit hard by the economic effects of the pandemic.

Advert

In a press release, Frank Clemente, executive director of Americans for Tax Fairness, said:

The pandemic has created an astonishing rise in wealth for the nation’s billionaires while tens of millions of Americans fell further behind.

Billionaires are living in a different world from the rest of us. It’s time we bring them down to earth and make them pay their fair share of taxes like the rest of us so we can create an economy that works for everyone.

Mark ZuckerbergPA Images

As per the website Inequality.org, more than 76 million people in America lost their jobs between March 21, 2020 and January 23, 2021, with 18 million collecting unemployment on January 30, 2021.

Advert

From January 20 to February 1, approximately 24 million adults reported their household had not had enough food over the course of the past week, while nearly one-in-five renters reported being behind on their rent in January.

Furthermore, as Bezos’s wealth soared, Amazon has faced widespread scrutiny for trying to crush unionisation efforts at its Alabama warehouse, where workers are pushing for better pay and working conditions.

If you have a story you want to tell, send it to UNILAD via [email protected]

Most Read StoriesMost Read

News

Woman Who Started To Drive Over Insulate Britain Protesters Speaks Out

Julia Banim

Jules studied English Literature with Creative Writing at Lancaster University before earning her masters in International Relations at Leiden University in The Netherlands (Hoi!). She then trained as a journalist through News Associates in Manchester. Jules has previously worked as a mental health blogger, copywriter and freelancer for various publications.

Topics: News, Billionaires, Elon Musk, finance, Forbes, Jeff Bezos, Mark Zuckerberg, Now, Pandemic

Credits

Institute For Policy Studies and 3 others
  1. Institute For Policy Studies

    3-18-21 Billionaires Data

  2. Inequality.org

    Who Are the 10 Biggest Pandemic Profiteers?

  3. Americans For Tax Fairness

    ONE-YEAR ROUNDUP OF BILLIONAIRE WEALTH GROWTH DURING THE PANDEMIC AND THE TOP PANDEMIC PROFITEERS

  4. Inequality.org

    Updates: Billionaire Wealth, U.S. Job Losses and Pandemic Profiteers