While the pandemic robbed numerous across the globe of their savings, jobs, and livelihood in 2020, a handful of the super-wealthy additional raked in the moolah. Amazon’s Jeff Bezos, Tesla’s Elon Musk, Bill Gates, Mark Zuckerberg, Warren Buffett, Oracle’s Larry Ellison, Google’s Larry Page and Sergey Brin, former Microsoft CEO Steve Ballmer, Walmart heiress Alice Walton, and 641 other billionaires saw a collective jump in their wealth by more than $1 trillion in the course of the Covid period in 2020. From $2.94 trillion as of March 18, 2020, the total net worth of these American billionaires shot up to $4.01 trillion as of December 7, 2020, according to the information from the US political advocacy group Americans for Tax Fairness (ATF) and feel tank Institute for Policy Studies (IPS).
In truth, a fourth ($1.01 trillion) of the total wealth went into the pockets of the leading 10 billionaires described above. Among these leading 10 persons, Elon Musk saw the greatest jump of 481 per cent in his net worth in the course of the stated period from $24.6 billion to $143.1 billion. On the other hand, Mark Zuckerberg’s net worth grew 91.7 per cent from $54.7 billion to $104.8 billion although Jeff Bezos’ net worth climbed 63.2 per cent from $113 billion to $184.3 billion. Net worth for other folks such as Bill Gates, Warren Buffett, Larry Page, Steve Ballmer grew to $118.7 billion, $86.4 billion, $79.8 billion, and $72.9 billion respectively. A copy of the information was noticed by TheSpuzz Online.
Also study: Mukesh Ambani’s Reliance assists salvage India’s 2020 PE-VC funding climate even as deal volume declines
“Never before has America seen such an accumulation of wealth in so few hands,” said Frank Clemente, executive director of Americans for Tax Fairness in a statement. “Their wealth growth is so great that they alone could provide a $3,000 stimulus payment to every man, woman and child in the country, and still be richer than they were 9 months ago,” Clemente had stated. The wealth of billionaires like Bezos and Musk is largely owed to the gains noticed by their respective businesses in the stock industry. Tesla’s shares have been up about 800 per cent in 2020 after the stock split announced in August although Amazon’s stock rose about 70 per cent.