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US billionaires have become $565 billion richer during the pandemic
https://www.cnn.com/2020/06/04/business/billionaire-wealth-inequality-pandemic-jobs/index.html
New York (CNN Business)The past three months have been financially painful for many Americans -- but not for billionaires.
US billionaires have become $565 billion richer since March 18, according to a report published Thursday by the Institute for Policy Studies, a progressive think tank.
Total wealth for billionaires now stands at $3.5 trillion, up 19% from the low point near the beginning of the pandemic, the report said. Amazon (AMZN) boss Jeff Bezos alone is worth $36.2 billion more than he was on March 18.
Since that day, nearly 43 million Americans have filed for initial unemployment benefits. Lower-income workers, especially in travel and service-sector jobs, have been hit particularly hard by the health crisis.
The numbers put an exclamation point on the deep divide between haves and have-nots that is helping to fuel unrest across the United States. Wealth inequality is likely to get even worse because of this crisis, experts say.
The acceleration of wealth for the richest Americans is being driven by the remarkable recovery of the stock market, which has skyrocketed in large part because of unprecedented action from the Federal Reserve.
"The stock market taking off — and decoupling from the real economy — is exacerbating inequality," said Kristina Hooper, chief global market strategist at Invesco.
New York (CNN Business)The past three months have been financially painful for many Americans -- but not for billionaires.
US billionaires have become $565 billion richer since March 18, according to a report published Thursday by the Institute for Policy Studies, a progressive think tank.
Total wealth for billionaires now stands at $3.5 trillion, up 19% from the low point near the beginning of the pandemic, the report said. Amazon (AMZN) boss Jeff Bezos alone is worth $36.2 billion more than he was on March 18.
Since that day, nearly 43 million Americans have filed for initial unemployment benefits. Lower-income workers, especially in travel and service-sector jobs, have been hit particularly hard by the health crisis.
The numbers put an exclamation point on the deep divide between haves and have-nots that is helping to fuel unrest across the United States. Wealth inequality is likely to get even worse because of this crisis, experts say.
The acceleration of wealth for the richest Americans is being driven by the remarkable recovery of the stock market, which has skyrocketed in large part because of unprecedented action from the Federal Reserve.
"The stock market taking off — and decoupling from the real economy — is exacerbating inequality," said Kristina Hooper, chief global market strategist at Invesco.
Good thing we had trillions in stimulus to help the stock market. I'm sure it will all trickle down to us eventually.
12 replies
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than 3 months ago. I received $1200 I didn't need and saved another couple thousand since there was no place to spend it.
As of today I will have recovered all my loses with my IRA. Congress couldn't give away money fast enough to
save Trump's economy. That is the only issue he had now he can claim the fastest recovery in history.
