American billionaires have become $ 434 billion richer since the pandemic began, report finds

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SAO PAULO – The wealth of US billionaires has grown by about 15% in the two months since the start of the new coronavirus pandemic, according to a study based on Forbes data between March 18 and May 19.

The report states that the total fortune of the more than 600 American billionaires increased by $ 434 billion over that period.

Jeff Bezos, CEO of Amazon, and Mark Zuckerberg, CEO of Facebook, made the biggest gains, with Bezos adding $ 34.6 billion to his wealth and Zuckerberg getting $ 25 billion richer.

The information is part of a report produced by Americans for Tax Fairness in conjunction with the Institute for Political Studies Inequality Program.

Also according to the report, Zuckerberg increased his personal fortune by 45%, reaching an equity of $ 80 billion.

Bezos, who saw his equity grow 30% this year with the recent good results from Amazon, was recently singled out as the possible first trillion dollar man in history.

The numbers reveal how the coronavirus pandemic has rewarded the biggest technology companies on the market, even when the economy and the workforce face the worst economic crisis in recent history.

According to the report, the total net worth of American billionaires grew to $ 3.382 trillion from $ 2.948 trillion in the pre-crisis period.

The most significant fortune growth occurred at the top of the billionaire pyramid, among the five richest billionaires in the country: Bezos, Bill Gates, Zuckerberg, Warren Buffett and Larry Ellison. Together, these billionaires add up to $ 76 billion in earnings.

Tesla CEO Elon Musk had one of the biggest percentage gains for billionaires in the two months, seeing his net worth rise 48% in the two months to $ 36 billion.

Bezos’ ex-wife, MacKenzie Bezos, who received shares in Amazon in her divorce settlement, also saw her wealth increase by a third to $ 48 billion.

However, there were some losers during the two-month period, especially for billionaires in the travel, hospitality or retail businesses who have not seen their stocks and companies recover. This is the case of Ralph Lauren, who saw his net worth drop by $ 100 million to $ 5.6 billion.

Since the beginning of the coronavirus crisis, about 25 million Americans have applied for unemployment insurance.

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