US billionaires have collectively become $1.1 trillion -- nearly 40% -- richer since mid-March, according to a report published Tuesday by progressive groups Institute for Policy Studies and Americans for Tax Fairness.
In other words, not only have the uber-wealthy recovered their losses from the spring, many are faring much better than before. That’s in large part because of the sizzling stock market. Elon Musk alone is about $155 billion richer, boosted by Tesla’s skyrocketing market valuation.
Forty-six people joined the ranks of billionaires since March 18, 2020, the week after the World Health Organization declared a global pandemic, according to the report.
Clearly, the pandemic is worsening America’s already troubling inequality crisis. The staggering gains at the top contrast sharply with the financial struggles of those at the bottom, many of whom are on the front lines of the pandemic and have lost their jobs or had wages cut.
America’s 660 billionaires now hold $4.1 trillion in wealth -- two thirds more than the amount held by the bottom 50% of the US population, the report found.
