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US billionaires´ wealth rise over .1 trillion amid Covid-19 crisis

US billionaires´ wealth rise over .1 trillion amid Covid-19 crisis

Washington, Oct 19 (Prensa Latina) Since the beginning of the pandemic, the Institute for Policy Studies has tracked explosive growth of US billionaire wealth that has grown ,1 trillion richer, one of the most disturbing signs of inequality, the website warned.

When the World Health Organization (WHO) declared Covid-19 as a global pandemic in 2020, collective US billionaire wealth skyrocketed from $3 trillion to $5 trillion.

However, the great good fortune of these billionaires over the past 19 months is even starker when contrasted with the devastating impact of coronavirus on working people. Nearly 89 million US citizens have lost their jobs, over 44.9 million have been sickened by the virus, and over 724,000 have died from it.

According to the study, among the most benefited from the crisis is Tesla Co-founder Elon Musk, whose fortune grew 751%, that is, it moved from $24.6 billion to $209.4 billion.

Musk´s fortune rate is followed by Jeff Bezos (Amazon), who in mid-October amassed $192.2 billion, after growing 70.1% compared to March 2020.

In addition, Facebook´s owner Mark Zuckerberg, who owns $117.6 billion after an increased 114.9% during current pandemic, is at the top of the list.

Faced with such inequity, 67 national organizations sent a letter to the US Congress expressing their deep concern about the need for US billionaires to be properly taxed so that they pay more taxes.


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