Daily Management Review

ATF: US billionaires earn extra $1.8T during the pandemic


The pandemic has caused considerable financial hardship in the U.S., but the super-rich have escaped serious losses. Insider reports that billionaires handled the coronavirus epidemic so well that they became a total of 1.8 trillion richer.

James Duncan Davidson
James Duncan Davidson
Americans for Tax Justice (ATF) and the Institute for Policy Studies' Inequality (IPS) program released a report that shows how much billionaires earned during the pandemic. Their total wealth soared by nearly two-thirds - 62 percent - to $4.8 trillion. In March 2020, America's richest people collectively owned about three trillion dollars.

Tesla CEO Elon Musk's fortune increased by $150 billion over the pandemic, an increase of 600 percent, and Amazon founder Jeff Bezos' wealth increased by $75 billion. "The fortunes of these billionaires in the last 17 months look even more shocking when compared to the devastating impact of the coronavirus on working people," the report reads. - Over 86 million Americans have lost their jobs, nearly 38 million have contracted the coronavirus, and more than 625,000 died from it."

The report comes after a June report by ProPublica that described how the wealthiest Americans, including Bezos and Musk, managed to avoid paying federal income taxes.

In August, Elon Musk was the second richest man on the list, beating out Bernard Arnault, the owner of Dior and Louis Vuitton, and coming close to top-ranking Jeff Bezos. Now the Tesla CEO is in first place with a fortune of $193 billion, while the Amazon founder is in second place with an estimated wealth of $192 billion.

source: americansfortaxfairness.org