Education & Job

Facebook, Amazon chiefs see wealth balloon amid pandemic: Report

The more than 600 billionaires in the United States became even richer as tech stocks rose during virus lockdowns, an analysis of data by two think-tanks. Between March 18 and May 19, their total net worth increased by $434 billion while the coronavirus pandemic caused job losses and economic agony for tens of millions of Americans.

AFP|

Last Updated: May 22, 2020, 07.35 PM IST

Agencies

1

WASHINGTON: The fortunes of US billionaires rose 15 percent in the two months since the coronavirus pandemic hit, a study found, with

Amazon

boss

Jeff Bezos

and

Facebook

chief

Mark Zuckerberg

seeing massive gains.

The more than 600 billionaires in the United States became even richer as tech stocks rose during virus lockdowns, an analysis of data by two think-tanks published Thursday said.

Between March 18 and May 19, their total net worth increased by $434 billion while the coronavirus pandemic caused job losses and economic agony for tens of millions of Americans.

Bezos’ wealth grew over 30 percent to $147.6 billion, while Zuckerberg’s fortune lept by more than 45 percent to $80 billion, according to the research by Americans for Tax Fairness and the Institute for Policy Studies’ Program for Inequality. The analysis was based on data from Forbes billionaires list.

Microsoft‘s Bill Gates and Berkshire Hathaway‘s Warren Buffett saw comparatively paltry gains of 8.2 percent and 0.8 percent, respectively, according to the report.

Amazon and Facebook stocks have surged following new program announcements that pushed their businesses ahead at a time when many consumers are stuck at home.

Job losses in the US have passed 36.8 million since business shutdowns began in mid-March to stop the spread of the deadly new disease.

Other data have shown a collapse in housing sales and a decline in manufacturing, as officials debate what additional steps will be needed to rescue the beleaguered economy.

COVID-19 has killed at least 94,700 people in the US where more than 1.5 million infections have been confirmed, according to an AFP tally.


Also Read

Why having more wealth advisors doesn’t mean more wealth

The wealth creation opportunity on the way out of Corona crisis

Are these mutual funds good to create wealth?

Spared Covid-19 blues, this sector is biggest bet to create most wealth

Commenting feature is disabled in your country/region.

Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service

Read More

Download Nulled WordPress Themes
Download WordPress Themes
Premium WordPress Themes Download
Download WordPress Themes Free
online free course

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Close
Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker