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American Billionaires are $280 Billion dollars richer since COVID 19 started!
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[link to www.fastcompany.com (secure)]
Though the coronavirus itself may not discriminate in terms of who can be infected, the COVID-19 pandemic is far from a great equalizer. In the same month that 22 million Americans lost their jobs, the American billionaire class’s total wealth increased about 10%—or $282 billion more than it was at the beginning of March. They now have a combined net worth of $3.229 trillion.
The initial stock market crash may have dented some net worths at first—for instance, that of Jeff Bezos, which dropped down to a mere $105 billion on March 12. But his riches have rebounded: As of April 15, his net worth has increased by $25 billion. Eric Yuan, founder and CEO of Zoom, was one of the few to see an increase in net worth even as the markets crashed, and he’s now up $2.58 billion.
These “pandemic profiteers,” as a new report from the Institute for Policy Studies, a progressive think tank, calls them, is just one piece of the wealth inequality puzzle in America. In the background is the fact that since 1980, the taxes paid by billionaires, measured as a percentage of their wealth, dropped 79%.
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