The U.S. added 29 new billionaires since the beginning of the Covid-19 pandemic spread on March 18, pushing the aggregate wealth of America’s billionaires by 20 percent, suggesting that wealthy people are taking advantage of the disease outbreak.
From March 18 until June 17, the 643 U.S. billionaires boosted their wealth by nearly $600 billion to a total of $3.5 trillion, according to Institute for Policy Studies and Americans for Tax Fairness.
On the other hand, a sum of $6.5 trillion in household wealth vanished, while 45.5 million Americans filed for jobless benefits.
The top five billionaires, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett and Larry Ellison, recorded an astounding 26 percent increase in their wealth during the aforesaid pandemic period.
Facebook and Amazon founders Zuckerberg and Bezos augmented their fortunes by the most with a whopping 58.6 percent and 38.7 percent respectively, as lockdowns enhanced online revenues.
Aside from the top
five, 12 U.S. billionaires folded their wealth, where Trevor Milton amplified
his fortune more than five times.