MercoPress. South Atlantic News Agency
US billionaires become significantly richer during the pandemic
During the 11 weeks from Mar 18, when US lockdowns started, the wealth of America's richest people surged by more than US$565 billion. Jeff Bezos is one of them. The combined wealth of America's billionaires, including Amazon.com founder Jeff Bezos and Facebook CEO Mark Zuckerberg, jumped more than 19% or by half a trillion since the onset of the COVID-19 pandemic in the United States, according to a report published by the Institute for Policy Studies (IPS).
During the 11 weeks from Mar 18, when US lockdowns started, the wealth of America's richest people surged by more than US$565 billion, while 42.6 million workers filed for unemployment, the report said.
“These statistics remind us that we are more economically and racially divided than at any time in decades,” said Chuck Collins, a co-author of the report.
During the 11 week period, Bezos saw his wealth soar by about US$36.2 billion while Zuckerberg's fortune surged by about US$30.1 billion. Tesla Inc Chief Executive Elon Musk's net worth also rose US$14.1 billion.
The past week also saw the wealth of US billionaires jump by US$79 billion, according to the report.
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Read all commentsWhat more proof is needed of the horrendous inequality of a society dominated by a small number of large corporations and their agents?
Jun 07th, 2020 - 10:56 pm 0Their obscene fortunes allow those few to control not only the economy, but the message, that is to say the media as a whole. Control of the mainstream flow of information allows the creation of a virtual reality that diverts most of the population from the challenges and the reality of the main political parties -- all part of a stable status quo.
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