American billionaires richer by $434 billion during the pandemic – Gulf News
Amazon.com CEO and founder Jeff Bezos. billionaires noticed their internet price soar $434 billion in the first two months of pandemic, led by Amazon Founder and CEO Jeff Bezos ($34.6 billion) and Facebook CEO Mark Zuckerberg ($25 billion).
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New York: As tens of millions of US residents misplaced their jobs in the Covid-19 pandemic, nations billionaires noticed their internet price soar $434 billion in the first two months of pandemic, led by Amazon Founder and CEO Jeff Bezos ($34.6 billion) and Facebook CEO Mark Zuckerberg ($25 billion).
The prime 5 US billionaires – Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett and Oracle’s Larry Ellison – noticed their wealth develop by a complete of $75.5 billion, or 19 per cent.
“America’s billionaires bound far ahead financially even as the rest of America was locked down during the first two months of the coronavirus pandemic,” in accordance with the report by Americans for Tax Fairness (ATF) and the Institute for Policy Studies – Programme on Inequality (IPS).
“The surge in billionaire wealth during a global pandemic underscores the grotesque nature of unequal sacrifice,” stated Chuck Collins, director of the IPS Program on Inequality and co-creator of the ‘Billionaire Bonanza 2020’ report.
“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,” Collins added.
Between March 18 and May 19, the whole internet price of the 600-plus US billionaires jumped by $434 billion or 15 per cent, based mostly on the group’s evaluation of Forbes knowledge.
During that very same approximate interval, greater than 38 million working Americans misplaced their jobs, practically 1.5 million Americans fell unwell with the virus and nearly 90,000 died from it.
The billionaires’ price rose from $2.948 trillion to $three.382 trillion in the interval.
“Together, the top five captured 21 per cent of the total wealth growth of all 600-plus billionaires in the last two months. The fortunes of Bezos and Zuckerberg together grew by nearly $60 billion, or 14 per cent of the $434 billion total,” stated the report.
In March there have been 614 billionaires on the Forbes listing, and 630 two months later, together with newcomer Kanye West at $1.three billion.
Among different Covid-19 victims are the greater than 16 million Americans who’ve doubtless misplaced employer-supplied healthcare protection.
“Low-wage workers, people of color and women have suffered disproportionately in the combined medical and economic crises. Billionaires are overwhelmingly white men,” the report talked about.
Decades of tax cuts for the wealthy have fueled the development of billionaires and their wealth.
“The pandemic has revealed the deadly consequences of America’s yawning wealth gap, and billionaires are the glaring symbol of that economic inequality,” stated Frank Clemente, ATF’s government director.