US billionaires have regained $565 billion in wealth since the pit of the crisis

US billionaires have regained $565 billion in wealth since the pit of the crisis
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New York (CNN Business) — The past three months have been financially painful for many Americans — but not for billionaires.

US billionaires have become $565 billion richer since March 18, according to a report published Thursday by the Institute for Policy Studies, a progressive think tank.

Total wealth for billionaires now stands at $3.5 trillion, up 19% from the low point near the beginning of the pandemic, the report said. Amazon (AMZN) boss Jeff Bezos alone is worth $36.2 billion more than he was on March 18.

Since that day, nearly 43 million Americans have filed for initial unemployment benefits. Lower-income workers, especially in travel and service-sector jobs, have been hit particularly hard by the health crisis.

The numbers put an exclamation point on the deep divide between haves and have-nots that is helping to fuel unrest across the United States. Wealth inequality is likely to get even worse because of this crisis, experts say.

Source: CNN

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