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GUILFORD â In 1986, when he was 26, Chuck Collins did something some might consider brash when he decided he did not want his share of the family fortune, amassed starting in 1883 in Chicago by his great grandfather, Oscar Meyer.
But Collins â who recently penned a book criticizing wealth inequity â had been tossing the idea around for several years before that. He even had the audacity to broach the subject at a wealth management forum in 1983, during which he was told he was âa naïve, foolish and selfish manâ to even consider depriving his heirs of the inherited wealth he had himself inherited.
A new report from IPS/ATF tracks how much billionaires have gained during the pandemic.
These gains could signal that inequality keeps increasing during the pandemic.
Over the last 13 months, American billionaires added $1.62 trillion to their wealth a 55% increase.
This was a finding in the latest report from the left-leaning Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF). Both groups have tracked billionaire gains throughout the coronavirus pandemic, which has seen a K-shaped economic recovery for Americans: High-income workers have seen their jobs and pay grow, while low-wage workers have experienced the opposite. Billionaires huge pandemic-era wealth growth comes on top of a 19-fold increase in billionaire wealth over 31 years from an inflation-adjusted $240 billion in 1990 to $4.56 trillion in 2021, the report said. The report used data from Forbes to track billionaire gains from March 18, 2020 through April 12, 2021.
Billionaires Pandemic Profits Alone Could Cover 70% of Biden s American Jobs Plan
On 4/15/21 at 6:00 AM EDT
The profits earned by American billionaires during the coronavirus pandemic alone could cover the bulk of President Joe Biden s $2.25 trillion American Jobs Plan, according to a new analysis.
Americans for Tax Fairness and the Institute for Policy Studies released on Thursday a new report that shows billionaires in the U.S. increased their collective net worths by some $1.62 trillion between March 18, 2020, and April 12. Before last March, billionaires combined net worth stood at $2.95 trillion, whereas it has now risen to $4.56 trillion. The analysis, which drew on data compiled by
John Locher/AP and Odd Andersen/AFP via Getty Images
According to Forbes, six Americans are worth more than $100 billion, making them centibillionaires.
Their combined fortune of $815 billion is just over the collective GDP of the US 13 poorest states.
Amazon CEO Jeff Bezos is worth nearly $200 billion, beating the 2020 GDP of Utah.
America s richest keep getting richer.
The six richest Americans are worth more than the GDP of 13 states combined, including Delaware, Maine, and Vermont, according to data from Forbes and the US Department of Commerce.
The publication s rich list contains six centibillionaires people worth at least $100 billion each.
In a new report, the Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF) said this meant that individually, each of the centibillionaires had a net worth bigger than the GDP of each of the 13 poorest US states.