Pandemic has helped U.S billionaires getting $1 trillion richer

Facts and figures can’t be proven wrong. We are living in the 20th century; which is a tech age. Covid-19 has been considered a major cause of the demolition of various businesses. However, it is now been believed by people that it has made the wealthy; wealthier, and the poor; poorer. It is worth quoting an example of the U.S.A and for some developing economies. Whereas, on the other hand, Jeff Bezos appeared as a number 1 billionaire, with a net worth of $113 billion from Amazon as his source of income.

To get some insights on inequality subject, Chuck Collins at the Institute for Policy Studies in Washington conducted a research. He concluded that American billionaires were successful in growing their income to $1 trillion. The growth rate was increased to 34 percent.

As compared to 50 percent of households in the U.S.A, the 650 billionaires in America have a collective and estimated wealth of $4 trillion.

Forbes has reported that despite the pandemic, 178 billion individuals were newly added to the list of billionaires and two of them are now in the list of top 20 richest Americans.

According to Forbes, Bill Gates; who is a resident of Washington has increased his wealth to worth $98 Billion through Microsoft. However, on 13th March, he announced his stepping back from Microsoft to maximize his concentration on philanthropy. He is famously known to have donated $60 million from his wealth to those affected by covid-19.

Just like COVID-19 hasn’t pressed some of the population; it hasn’t either benefitted the whole humanity. Some are still suffering; more than ever before. Hospitals are hitting their capacities; millions of individuals are starving. By 7th October, the world bank predicted: due to covid-19 the worst of all poverties is to be experienced for the first time in 20 years. It further said that the poverty level will gain a rise in 2020 more than in the past years.

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