American billionaires got $434 billion richer during the pandemic

American billionaires saw their wealth explode by $ 434 billion during the American foreclosure between mid-March and mid-May, according to a new report.

According to Jeff Bezos of Amazon and Mark Zuckerberg of Facebook, Bezos added $ 34.6 billion to his wealth and Zuckerberg added $ 25 billion, according to the Americans for Tax Fairness and the Program for Inequality’s report. Institute for Policy Studies. The report is based on data from Forbes for more than 600 American billionaires between March 18, when most states were locked out, and May 19.

Billionaire’s earnings underscore how coronavirus pandemic has rewarded the largest, most tech-savvy businesses as the economy and workforce grapple with the worst economic crisis in history recent.

According to the report, the net worth of American billionaires increased by 15% during the two-month period, to 3.382 billion dollars against 2.948 billion dollars. The biggest gains were at the top of the billionaire pyramid, with the wealthiest five billionaires – Bezos, Bill Gates, Zuckerberg, Warren Buffett and Larry Ellison – recording combined wealth gains of $ 76 billion.

Elon Musk had one of the biggest percentage gains for billionaires in the past two months, seeing his net worth jump 48% in the past two months to $ 36 billion. Zuckerberg followed closely, seeing his wealth increase by 46% in two months, reaching $ 80 billion. Bezos’ wealth increased 31% to $ 147 billion. Bezos’ ex-wife MacKenzie Bezos, who received shares from Amazon during their divorce, also saw her wealth increase by a third to $ 48 billion.

Because the study schedule captures the bottom of the stock market and a rapid rebound, it creates a slightly sunnier image for billionaires than the whole year. For the year, Buffett’s wealth declined by $ 20 billion, according to the Bloomberg Billionaire Index, while Gates is down $ 4.3 billion. For the year, Jeff Bezos earned $ 35.5 billion while Zuckerberg increased $ 9 billion.

There were losers in the two-month period, especially for billionaires in the travel, hospitality and retail industries who have yet to see their inventories and businesses recover. Ralph Lauren saw his wealth fall from $ 100 million to $ 5.6 billion, while hotelier John Pritzker saw his wealth drop from $ 34 million to $ 2.56 billion.

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