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Viewpoint|While 1 Million Americans Passed Away From Covid-19, United States Billionaire Wealth Shot Up by $1.7 Trillion


May 6, 2022
Elon Musk GettyImages 1229894636 0

As the U.S. crosses the grim turning point of 1 million deaths from COVID-19, U.S. billionaires have actually seen their integrated wealth increase over $1.7 trillion, a gain of over 58 percent.

This uncomfortable juxtaposition highlights the story of unequal loss and sacrifice throughout the worst pandemic in a century. While billionaires have actually seen their wealth rise throughout the pandemic, millions have actually lost their lives and incomes.

On March 18, 2020, at the start of the official lockdown, U.S. billionaires held a combined $2.947 trillion. On May 4, 2022, as the U.S. crossed the 1 million death mark, according to an analysis by NBC, 727 U.S. billionaires deserved $1.71 trillion more, according to Forbes

Elon Musk who had actually wealth valued simply under $25 billion on March 18, 2020 has actually seen his wealth boost to $255 billion since May 4, 2022.

In Between March 18, 2020 and Might 4, 2022, the following boosts in wealth have actually happened:

  • Jeff Bezos saw his wealth increase from $113 billion to $150 billion.
  • Expense Gates experienced a wealth boost from $98 billion to $129.8 billion.
  • 3 members of the Walton household, Jim, Alice and Rob, have actually seen their combined possessions increase from $163.1 billion to $207.7 billion.

At one point throughout the pandemic, billionaire wealth gains topped $2.1 trillion with market gains, according to an October 2021 report by Americans for Tax Fairness and the Institute for Policy Researches. Previous research studies have actually tracked billionaire wealth gains over the last 2 years (See the IPS, inequality.org and ATF Billionaires).

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