With the coming of the pandemic, there has been major economic issues and financial crises. The pandemic has resulted in millions of people being left unemployed and many businesses filing for bankruptcy. So what about the billionaires? Did they lose or gain?
Well, the exclusive members of the billionaire club seem to be enjoying the pandemic far more than the unfortunate masses, at least in regards to their financial holdings.
According to a new report presented by the Institute of Policy Studies, there has been a 20% or $434 billion rise in the wealth of the billionaires starting from March 19.
Amazon’s Jeff Bezos, Facebook’s Mark Zuckerberg, Oracle’s Larry Ellison as well as 600 plus billionaires saw their wealth skyrocket. In fact, Bezos is edging towards becoming the first trillionaire in the world.
According to Forbes, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett and Larry Ellison saw their wealth increase by 19% or $75.5 billion.
“The surge in billionaire wealth during global pandemic underscores the grotesque nature of unequal sacrifice”, Chuck Collins, Director of the IPS Program on Inequality and co-author of the Billionaire Bonanza 2020 report wrote.
“While millions risk their lives and livelihoods as first responders and front-line workers, these billionaires benefit from an economy and tax system that is wired to funnel wealth to the top”, Collins further stated.
Moreover, the gains of the billionaires may be partly due to the “Millionaires Giveaway”, a tax break for the wealthy which was included in the coronavirus related CARES Act that came into effect from March. This Act allows an average tax cut of 1.7 million to 43,000 millionaires and billionaires.
It is estimated that the rich, more specifically the real estate investors could pocket about 1.7 million from the 2 trillion coronavirus stimulus bill.
“Post pandemic, the wealthy as well as the corporations must begin to pay their fair share of taxes so we can build a society that works for everyone, not just billionaires and others at the top”, Frank Clemente stated, Executive Director of Americans for Tax Fairness.
So, what are your thoughts? Comment down below!