US Billionaires Have Increased Their Riches By $1 Trillion During the Pandemic

But the pandemic hasn’t disadvantaged everyone. This month, the Institute for Policy Studies (IPS) published a report called “Billionaire Wealth vs. Community Health: Protecting Essential Workers from Pandemic Profiteers.” Its authors determined that since March 2020, the total net worth of the country’s 647 billionaires grew by almost $960 billion. At that rate, it’s likely that by the time you read this article, that figure will have topped a trillion dollars.

…. the business models of most of the companies owned and invested in by these elites are predicated on suppressing labor costs, avoiding taxes, dodging regulations, and otherwise weaseling out of the social contract. They’re sitting pretty because everyone else is being raked over the coals.

Among the other ten billionaires listed by the IPS report are Jeff Bezos of Amazon, whose wealth has grown $70 billion; the Walton family of Walmart, whose wealth has grown $48 billion; and John Tyson of Tyson Foods, whose wealth has grown $600 million.

US Billionaires Have Increased Their Riches By $1 Trillion During the Pandemic