Reports from the Institute for Policy Studies claim that American billionaires’ wealth has risen by more than $565 billion since the onset of the coronavirus pandemic.
As millions of Americans lost their jobs, American billionaires’ wealth had already bounced back from the initial stock market crash caused by the coronavirus pandemic. In the most recent week alone, billionaires have gained an additional $79 billion. Their total wealth on market close on 3rd June amounted to $3,512,041,310,000.
Coauthor of the report, Chuck Collins said that the USA is “more economically and racially divided than at any time in decades”.
Jeff Bezos, founder and CEO of Amazon, gained $36.2 billion since March 18, despite significant criticism for his company’s poor treatment of essential workers. Mark Zuckerberg’s wealth rose by over $30 billion despite ongoing debates on Facebook’s policy on factchecking.
Whilst the unemployment rate has fallen to 13.3% in May, reports suggest that millions still remain unemployed, and, in the cases of black people and Asians, may have actually risen. Furthermore, the 13.3% unemployment rate remains higher than in any previous postwar recession.