The pandemic has made US Millionaires even richer

The pandemic has made US Millionaires even richer

Business

American billionaires’ wealth increased 15 per cent in the two months after the start of the latest coronavirus pandemic, a report revealed with Amazon CEO Jeff Bezos and Facebook leader Mark Zuckerberg leading the survey. More than 600 billionaires in America grew even richer as technology stocks soared during the virus-led crash, a data analysis published Thursday by two expert groups said.

The overall net worth rose by $434 billion between March 18 and May 19 as the coronavirus pandemic caused job losses and economic misery for tens of millions of Americans. Bezos ‘wealth rose more than 30 per cent to $147.6 billion, while Zuckerberg ‘s wealth soared more than 45 per cent to $80 billion, according to American studies on tax equity and the Institute for Political Studies’ Inequality Program.The study was based on data from the Forbes magazine’s list of Millionaires.
According to the survey, Microsoft’s Bill Gates and Berkshire Hathaway’s Warren Buffett reported slightly lower earnings of 8.2 and 0.8 per cent respectively. Amazon and Facebook shares increased at a time when many customers are locked up at home following new reports of programs improving their companies. Job losses in the US have reached 36.8 million since firm closures started in mid-March.

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