According to an analysis by the Institute for Policy Studies, American billionaires have added a colossal $1.71 trillion to their wealth since March of 2020.
But perhaps not for billionaires, especially those who have seen their wealth skyrocket over the past two years. Elon Musk’sby over 10 times during the pandemic; in March 2020, he was worth $24.6 billion, an already huge amount for any individual. As of Wednesday, he is worth $255 billion, and is the richest person in the world among those whose net worth is publicly available.
“This jarring juxtaposition clearly illustrates that the work and strength of the working-class have made U.S. billionaires wealthier yet continue to bear the brunt of the pandemic,” Omar Ocampo, a co-author of the IPS report, told. “A strengthened labor movement and progressive taxation are both necessary to strengthen workers’ rights and make available to us the resources needed to increase investment in our healthcare system.
Others who were already shockingly wealthy also accumulated even more money during the pandemic. Jeff Bezos’s wealth shot up by nearly a third, from $113 billion to $150 billion; Bill Gates also gained about a third of his previous net worth with his wealth growing from $98 billion to $130 billion.than 50 percent of Walmart, have seen their collective wealth grow by about 27 percent to $207.7 billion.
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