US billionaires' wealth spiked 70% amid COVID-19 pandemic, reveals report

US billionaires, including Elon Musk and Bill Gates, saw their collective fortunes soar more than 70% to more than $5 trillion during the COVID-19 pandemic. While citing reports by Americans for Tax Fairness and the Institute for Policy Studies Program on Inequality, CNN reported that the skyrocketing stock market helped push America’s billionaires’ net worth up by more than $2 trillion since the start of the pandemic through mid-October. It also said that the number of US billionaires rose as well during the pandemic to 745, up from 614 in March 2020. 

As per the media outlet, Elon Musk, CEO of Tesla and SpaceX and the wealthiest American, topped the list. As of Thursday, Musk’s net worth had reportedly soared more than 1,000% to nearly $274 billion from March 2020. He amassed his fortune through his Tesla shares and his majority stake in the privately-held SpaceX. 

Next up is Amazon founder Jeff Bezos. Currently, his net worth stands at $197 billion, which is up more than 74% since the start of the COVID-19 pandemic. Microsoft founder Bill Gates also made the list with a $38 billion fortune that has increased 39% over the past year. 

Frank Clemente, executive director of Americans for Tax Fairness, reportedly said that the billionaires’ wealth gains over the past 19 months alone would be enough to pay for US President Joe Biden’s proposal to bolster the nation's social safety net. It is to mention that billionaires’ soaring wealth is one of the reasons why congressional Democrats wanted to tax them. However, the proposal was later abandoned as it faced resistance from several moderate party members. 

WFP seeks billionaires' help to mitigate world hunger

Meanwhile, the latest report comes amid a time when COVID-19 has wreaked financial havoc on lower and middle-income nations. Recently, UN World Food Programme’s director, David Beasley, even said that a small group of ultra-rich individuals could help solve world hunger with just a fraction of their net worth. On CNN’s ‘Connect the World’, WFP director specifically cited Jeff Bezos and Elon Musk and said that billionaires need to “step up now, on a one-time basis”. 

In the interview which aired on Tuesday, Beasley said, “$6 billion to help 42 million people that are literally going to die if we don't reach them. It's not complicated.”

Notably, Beasley asking for $6 billion implies that he is seeking just 2% of Tesla chief executive’s fortune, stated CNN. The net worth of US billionaires has significantly shot up since the COVID-19 pandemic began which took a serious toll on the existing socio-economic crisis across the globe. CNN cited progressive groups Institute for Policy Studies and Americans for Tax Fairness, to state that the net worth of US billionaires stood at $5.04 trillion in October.

(Image: AP)