capitalism
Out of context: Reply #633
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U.S. Billionaires Gained $1 Trillion Since The Pandemic Started
American billionaires haven't been just immune to the pandemic, they have been thriving in it, drastically increasing their collective wealth. An analysis by Chuck Collins at the Institute for Policy Studies found that American billionaires have seen their wealth grow by $1 trillion since March of this year - more than 34 percent. That was not the case during the 2008 financial crisis when it took Forbes' 400 richest people three years to recoup their losses from the Great Recession. Collins' findings highlight a wealth gain by a mere 650 individuals that seems obscene at a time when nearly 7 million Americans are at risk of eviction when moratoriums expire at the end of the year.
There are 650 billionaires on the list, out of which 47 are new arrivals with 11 dropping out due to death or financial decline. There were numerous impressive financial gains among notable billionaires on the list with Jeff Bezos growing his fortune by $69.4 billion between March 17 and November 24. The Amazon boss and richest man on the planet is now worth $182.4 billion. The most impressive gain on the list was recorded by Tesla and SpaceX CEO Elon Musk who has seen his fortune experience a meteoric rise. In the above period, his weath surged a whopping 414 percent, climbing from "just" $24.6 billion to $126.2 billion, making him the world's second richest man after Bezos.
Illustrating the gulf in financial inequality in the U.S. today, the analysis states that U.S. billionaires own $4 trillion, 3.5 percent of all privately held wealth in the country. Billionaire wealth is now twice the amount of wealth held by the bottom 50 percent of all American households combined, approximately 160 million people.
- I'm no billionaire, but some of the stocks I trade are up 340% since spring. How the rich get richer, 3x your money by two mouse clicks.shapesalad
- Unfortunately I de-risked and sold too early and missed he majority of the % increase.shapesalad
- Most people do not own stocks. The market doesn't care about 'financial inequalities' or 'fairness'.formed
- If stocks are the only way to get ahead doesn't that tell you the system is broken?i_monk
- and for those that have been around since the dotcom bust, this will destroy plenty of people when we do, inevitably, crashformed
- but sure, I am happy w my stocks and grateful I have them, but most don'tformed
- It’s not like the dotcom era though. Until you can show that it is your assessment is a steaming pile of uninformed shit and should be treated as such.monospaced
- This is more like the 80s when we had strong economic growth and a bear market. It might go down but this is nothing like a bubble.monospaced
- *bullmonospaced