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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Elon Musk saw a huge increase in his wealth during the pandemic. Reuters
American billionaires have added $1.1 trillion to their collective wealth during the pandemic.
That brings the collective net worth of America s billionaires including 46 new ones to $4.1 trillion.
Meanwhile, millions of Americans remain unemployed and have fallen into poverty.
American billionaires saw their collective net worth grow by $1.1 trillion over the past 10 months, according to a new report from the the Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF).
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. A group of BLM demonstrators protest the Federal Reserve Bank about $15 minimum wage in NYC to solidarity nationwide in Lower Manhattan at the financial district in New York, United States on July 20, 2020 Tayfun Coskun/Anadolu Agency/Getty Images
A $15 minimum wage will be including in the pandemic reconciliation package.
Some fear a raise would hurt businesses or employment, but it would likely have a minimal effect.
And for workers currently making less than $15 an hour, it would be life-changing.
The Richest 500 People in the World Added $1.8 Trillion to Their Wealth in 2020
SpaceX owner and Tesla CEO Elon Musk poses on the red carpet of the Axel Springer Award 2020 on December 1, 2020, in Berlin, Germany.
Britta Pedersen-Pool / Getty Images
Bloomberg’s year-end report on the wealth of the world’s billionaires shows that the richest 500 people on the planet added $1.8 trillion to their combined wealth in 2020, accumulating a total net worth of $7.6 trillion.
The Bloomberg Billionaires Index recorded its largest annual gain in the list’s history last year, with a 31% increase in the wealth of the richest people.
The historic hoarding of wealth came as the world confronted the coronavirus pandemic and its corresponding economic crisis, which the United Nations last month warned is a “tipping point” set to send more than 207 million additional people into extreme poverty in the next decade bringing the number of people living in extreme poverty to one billion