Tags: Coronavirus | billionaire | wealth | half a trillion | covid 19 | pandemic

Billionaire Wealth Surges By More Than $565 Billion During Pandemic

Billionaire Wealth Surges By More Than $565 Billion During Pandemic
(Dennis Thompson/Dreamstime)

Thursday, 04 June 2020 03:16 PM

The combined wealth of America's billionaires, including Amazon.com Inc. founder Jeff Bezos and Facebook Inc. CEO Mark Zuckerberg, jumped over 19% or by half a trillion since the onset of the COVID-19 pandemic in the United States, according to a report published by the Institute for Policy Studies (IPS).

During the 11 weeks from March 18, when U.S. lockdowns started, the wealth of America's richest people surged by over $565 billion, while 42.6 million workers filed for unemployment, the report said.

"These statistics remind us that we are more economically and racially divided than at any time in decades," said Chuck Collins, a co-author of the report.

“Our moral, economic and physical health as a society depends on building a post-pandemic economy that works for everyone, not just the billionaire class. Surging billionaire wealth juxtaposed with the suffering and plight of millions undermines the social solidarity required for us to recover together in the years ahead."

During the 11 week period, Bezos saw his wealth soar by about $36.2 billion while Zuckerberg's fortune surged by about $30.1 billion. Tesla Inc. Chief Executive Elon Musk's net worth also rose $14.1 billion.

The past week also saw the wealth of U.S. billionaires jump by $79 billion, according to the report. 

In the 11 weeks since March 18, these billionaires have seen their wealth accelerate:

  • Jeff Bezos - up $36.2bn
  • Mark Zuckerberg - up $30.1bn
  • Elon Musk - up $14.1bn
  • Sergey Brin - up $13.9bn
  • Larry Page - up $13.7bn
  • Steve Ballmer - up $13.3bn
  • MacKenzie Bezos - up $12.6bn
  • Michael Bloomberg - up $12.1bn
  • Bill Gates - up $11.8bn
  • Phil Knight - up $11.6bn
  • Larry Ellison - up $8.5bn
  • Warren Buffett - up $7.7bn
  • Michael Dell - up $7.6bn
  • Sheldon Adelson - up $6.1 billion

© 2020 Thomson/Reuters. All rights reserved.


   
1Like our page
2Share
StreetTalk
The combined wealth of America's billionaires, including Amazon.com Inc founder Jeff Bezos and Facebook Inc CEO Mark Zuckerberg, jumped over 19% or by half a trillion since the onset of the COVID-19 pandemic in the United States, according to a report published by the...
billionaire, wealth, half a trillion, covid 19, pandemic
293
2020-16-04
Thursday, 04 June 2020 03:16 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved