The Rich Got Richer During the Pandemic, Bailed Out by the Fed. How it Happened and Why That’s Bad for the Economy | Wolf Street

The examples are all over the place. The wealth of Amazon’s Jeff Bezos soared by $74 billion so far this year, according to Bloomberg. Mark Zuckerberg’s wealth jumped by $20 billion so far this year. Elon Musk’s wealth soared by around $50 billion. The wealth of Microsoft founder Bill Gates jumped by $8 billion. Rob Walton, Jim Walton, and Alice Walton, of the Walmart family, saw their combined wealth jump by $14 billion. Chairman and CEO of mutual fund company Fidelity Investments, Abby Johnson, who owns nearly a quarter of the company, saw her wealth soar by $11 billion. The wealth of Google founders Larry Page and Sergey Brin soared by $7 billion a piece, and Oracle founder Larry Ellison’s by $5 billion.

Between mid-March and mid-May, during the lockdowns, the wealth of America’s 600-plus billionaires ballooned by $434 billion, according to a report by Americans for Tax Fairness,  pushing the wealth of those 600 Americans to a combined $3.4 trillion.

The richest 10% of American households own 84% of the value of stocks owned by all households, according to Federal Reserve data. The remaining 90% of the households own 16% of the value of stocks. And the bottom half own nearly none.

The Rich Got Richer During the Pandemic, Bailed Out by the Fed. How it Happened and Why That’s Bad for the Economy | Wolf Street