Billionaires within the U.S. have grown their wealth by over a 3rd — or by greater than $1 trillion — for the reason that COVID-19 pandemic hit the nation in March, a brand new report finds.
At the identical time, the financial disaster brought on by the coronavirus pandemic has left hundreds of thousands of Americans jobless and struggling to pay their mortgages, rents and meals payments.
A report launched Wednesday by the Washington-based Institute for Policy Studies tracked the web value of the over 650 of the wealthiest Americans from March 18 to Nov. 24, and located that dozens joined the ranks of billionaires throughout this era and that 29 noticed their wealth double amid the pandemic.
The web value of this minuscule group is twice the quantity of wealth of the underside 50% of U.S. households — about 160 million folks, per the report.
Amazon’s Jeff Bezos noticed his net worth grow 61% since mid-March, from $113 billion to $182.4 billion. Amazon’s workers, meanwhile, haven’t received hazard pay in months, at the same time as they’ve continued working throughout the worsening pandemic. Nearly 20,000 Amazon workers have been infected with coronavirus, in response to the corporate.
Bezos is certainly one of five “centi-billionaires” in the world — folks with a web value over $100 billion — alongside Louis Vuitton chairman Bernard Arnault, Microsoft founder Bill Gates, Facebook CEO Mark Zuckerberg, and Tesla CEO Elon Musk. Three years in the past, there have been no centi-billionaires, in response to the report.
The U.S. unemployment rate was nearly 7% final month — with over 11 million Americans thought of unemployed — practically twice the extent of February, earlier than the pandemic hit.
The U.S. Census Bureau’s survey of American households discovered that from Oct. 28-Nov. 9, over 15 million households — or 28% of renters surveyed — had both “no confidence” or solely “slight confidence” of having the ability to make their subsequent month’s cost.
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