As millions of Americans lost their jobs and were forced to turn to the government for help, the rich kept getting richer, as the wealth of the 50 richest Americans equal the wealth of the poorest 165 million, according to new data from the U.S. Federal Reserve.
The 50 richest people in the country are worth almost $2 trillion, according to the Bloomberg Billionaires Index.
Billionaires in the U.S. like Elon Musk and Jeff Bezos witnessed their fortunes grow this year, although the economy cessation due to widespread lockdowns meant to help control the spread of coronavirus.
Another key reason for the wealth disparity is that the vast majority of Americans aren’t benefiting from rising stock prices.
[caption id="attachment_157361" align="aligncenter" width="621"]
Wealth Surge of 50 Richest Americans[/caption]
The wealthiest 1% own more than 50% of the equity in corporations and mutual fund shares.
In other words, the 50 richest people in the United States were worth $339 billion at the start of 2020. Now, they’re worth almost $2 trillion, Bloomberg reported.
The coronavirus has left more than 212,000 Americans severely affected.
People of colour and many people who have lost their jobs are low-wage workers in the tourism and service industries, often unable to work from home.
According to Bloomberg, upper-middle-class professionals who are working from home have only seen their retirement accounts increase in value thanks to the impact of incentive from the U.S. Treasury and Fed on the stock market.
Follow the latest news on Google News
