Even as the coronavirus pandemic plunges the U.S. economy into the worst downturn since the Great Depression, some of the wealthiest Americans have seen their collective fortunes increase exponentially, according to a new report.
U.S. billionaires’ wealth has grown by $434 billion since March 18, when the majority of the nation shut down to slow the spread of the virus, findings from Americans for Tax Fairness and the Institute for Policy Studies’ Program for Inequality show. The report, released Thursday, is based on Forbes data for America’s more than 600 billionaires. . .
The five wealthiest Americans — Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett and Larry Elison — saw their combined fortune surge by $75.5 billion, or roughly 19 percent. Together, they represent about 21 percent of the total wealth growth of all 600 billionaires in the last two months.
The combined net worths of Bezos, the CEO of Amazon, and Zuckerberg, the CEO of Facebook, grew by nearly $60 billion, or 14 percent of the $434 billion.
With millions of Americans stuck at home in an attempt to mitigate the spread of the virus, consumers are increasingly relying on technology for basic needs like groceries. (Read more from “U.S. Billionaires Got $434 Billion Richer Since Coronavirus Pandemic Began” HERE)