America “writhed” because of the pandemic, the billionaires gained great benefits

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Although the United States suffered the most from the effects of the Covid-19 pandemic, American billionaires are among the biggest beneficiaries.
America “writhed” because of the pandemic, the billionaires gained great benefits
American billionaires are among the biggest beneficiaries of the pandemic (Image: Getty)

According to USNews , the number of corona virus is staggering. In the United States alone, 28 million people are infected with the corona virus, of which more than half a million have di‌ed.

However, the figure of $ 4,200 billion is even more staggering. This is the total as‌sets of 664 American millionaires on the threshold of "commemorating" 1 year of pandemic attack on America. In the past year, the total wealth of American billionaires has increased 44%, or more than 1,300 billion USD.

These figures, given by the Americans for Tax Fairness and the American Institute for Policy Studies based on data from Forbes, clearly reflect the losses of this recession.

While millions of American workers in the service industry, especially in hotels, entertainment and restaurants are struggling to pay their rent or live on a bailout of over $ 3 trillion from Washington, while owners and holders of as‌sets such as stocks have seen their wealth rise record high.

"It is clear that billionaires benefited greatly, while half a million lives were lost and millions of others were affected by health, property and jobs" - Chuck Collins - Program Director of Inequality at IPS says.

Frank Clemente - Executive Director of Americans for Tax Fairness - also said that the income disparity during the pandemic should be placed on political programs especially while the US Congress is discussing a rescue package. $ 1,900 billion support of President Joe Biden.

However, USNews also said that most of the huge profits that billionaires are making came from the record price increases of stocks and mainly as‌sets on paper. Hence, it can also soon evaporate when the market goes down.

In addition, the richest people are mostly world-famous entrepreneurs like Elon Musk, Bill Gates, Jeff Bezos, or Mark Zuckerberg. They are all founders of successful and highly profitable companies like Tesla, Microsoft, Amazon and Facebook.

Captains in the tech industry are often paid in stocks instead of salaries. So their wealth increases when the share price in the market goes up.

While the S&P 500’s one-year profit - an index that represents the overall market - is just over 15%, the Nasdaq - the index group of tech companies, including the four tech giants. - 50% increase again.

According to the analysis of the two non-profit organizations above, billionaire Elon Musk leads the list of making the most money in the past year with an increase of nearly 158 billion USD. Followed by billionaire Bezos with $ 76.3 billion, billionaire Zuckerberg with $ 41 billion and billionaire Bill Gates with $ 25.7 billion.

The fortunes of the Google founders Larry Page and Sergey Brin also increased by $ 79 billion, while the Walmart heirs saw a net worth of $ 31.5 billion. The legendary investor Warren Buffett also saw a net worth of $ 24 billion.

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