In 2020, while most people across the globe were going through financial crunch by losing their jobs and savings, the billionaires added almost one-fourth of the total wealth to see a collective growth of $1.01 trillion in their net worth.
According to Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS), these billionaires’ total wealth has seen a jump from almost $2.94 trillion to approximate $4.01 trillion only in the Covid period. Amazon’s Jeff Bezos, Elon Musk from Tesla, Mark Zuckerberg, Bill Gates, Warren Buffet are some of the names belong to the billionaires’ list.
Tesla’s Elon Musk has seen almost 481 per cent increment in his net worth during that time. The net worth of Mark Zuckerberg has also gained by 91.7 per cent while Jeff Bezos accumulated a 63.2 per cent growth in his wealth which made his net worth rise from $113 billion to $184.3 billion. The total wealth of Bill Gates has reached $118.7 billion and Warren Buffet has made it up to $86.4 billion.
The executive director of Americans for Tax Fairness (ATF), Frank Clemente has mentioned in one of his statement that this was the first time America has seen this kind of wealth accumulation in so few hands.