For most Americans, these past few months have been financially difficult, however, billionaires have become richer since March 18, according to a report published Thursday by the Institute for Policy Studies, a progressive think tank.
While 43 million Americans were filing for unemployment, making the rate of unemployment rise to its highest since the Great Depression, the total wealth for billionaires was also rising.
Billionaire wealth now stands at $3.5 trillion, up 19% from the low point near the beginning of the pandemic, the report said. Amazon boss Jeff Bezos alone is worth $36.2 billion more than he was on March 18.
Experts say, wealth inequality is likely to get even worse because of this crisis.
The acceleration of wealth for the richest Americans is being driven by the remarkable recovery of the stock market, which has skyrocketed in large part because of unprecedented action from the Federal Reserve.