Report: America’s billionaire wealth jumps by over half a trillion during Covid-19 pandemic

Jeff Bezos, president and CEO of Amazon and owner of The Washington Post, speaks at the Economic Club of Washington DC's 'Milestone Celebration Dinner' in Washington September 13, 2018. — Reuters pic
Jeff Bezos, president and CEO of Amazon and owner of The Washington Post, speaks at the Economic Club of Washington DC's 'Milestone Celebration Dinner' in Washington September 13, 2018. — Reuters pic

NEW YORK, June 5 — The combined wealth of America’s billionaires, including Amazon.com Inc founder Jeff Bezos and Facebook Inc CEO Mark Zuckerberg, jumped over 19 per cent or by half a trillion since the onset of the Covid-19 pandemic in the United States, according to a report published by the Institute for Policy Studies (IPS).

During the 11 weeks from March 18, when US lockdowns started, the wealth of America’s richest people surged by over US$565 billion (RM2.4 trillion), while 42.6 million workers filed for unemployment, the report said.

“These statistics remind us that we are more economically and racially divided than at any time in decades,” said Chuck Collins, a co-author of the report.

During the 11-week period, Bezos saw his wealth soar by about US$36.2 billion while Zuckerberg’s fortune surged by about US$30.1 billion. Tesla Inc Chief Executive Elon Musk’s net worth also rose US$14.1 billion.

The past week also saw the wealth of US billionaires jump by US$79 billion, according to the report. — Reuters

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