Mark Zuckerberg, Jeff Bezos, Elon Musk, Bill Gates – 11 US billionaires who have added US$565 billion to their collective wealth during the Covid-19 pandemic?
Times are tough for many of us, but these super-rich Americans have somehow added a fortune to their bank balances during the past 11 weeks as coronavirus has run riot, a report by the Institute for Policy Studies has found
Many billionaires were hit hard when the coronavirus tanked markets in late February and the first half of March. However, their fortunes rebounded with the stock market in recent weeks, despite a historic surge in unemployment.
The combined wealth of a select group of US billionaires has surged by US$565 billion, an increase of almost 20 per cent since the start of the pandemic, according to a report by the Institute for Policy Studies.
Chuck Collins, who co-authored the “Billionaire Bonanza 2020” report, said: “In a turbulent week in the life of the nation, these statistics remind us that we are more economically and racially divided than at any time in decades.”
Collins added: “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.”
Here are the increases in 11 US billionaires' wealth between March 18 and June 4, based on figures from the Institute for Policy Studies and net-worth estimates from Forbes.
Jeff Bezos, CEO of Amazon
Increase: US$36.2 billion
Total wealth: US$149 billion