According to a new report from the Institute for Policy Studies, America’s super-wealthy elite have seen their net worth increase dramatically in the last 23 days. This comes while tens of millions of Americans have lost their jobs due to the coronavirus pandemic and despite the fact that the economy is expected to contract by 40 percent this quarter.
The report found that these multibillionaires have collectively seen their net worth surge by $282 billion in less than a month.
The report also noted that between the years of 1980 and 2020, the tax obligations of America’s billionaires decreased by 79%. In the last 30 years, U.S. billionaire wealth soared by over 1100 percent while the average household wealth increased by barely five percent. Twenty years ago, the total wealth held by America’s billionaires was $240 billion; today their total wealth is $2.95 trillion.
Just three people – Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Berkshire Hathaway’s Warren Buffet – own as much wealth as the bottom half of all U.S. households combined.
Read the full report here – https://inequality.org/wp-content/uploads/2020/04/Billionaire-Bonanza-2020-April-21.pdf