Did US billionaires get 70% richer during the coronavirus pandemic?

Thursday, November 4, 2021
By Jacob Alabab-Moser

U.S. billionaires have collectively gained $2.1 trillion during the coronavirus pandemic — a wealth increase of 70.3%, according to Forbes data from stock prices analyzed by Americans for Tax Fairness and the Institute for Policy Studies. Billionaires' wealth was valued just under $3 trillion in March 2020, the beginning of the pandemic, compared to more than $5 trillion as of Oct. 15, 2021.

The number of American billionaires also increased from 614 to 745 over the same period. In 2021, the U.S. reinforced its status as the best performing region for ultra-high-net-worth individuals amid surging equity markets, government stimulus packages and ultra-low interest rates.

Elon Musk, co-founder of PayPal, Tesla and SpaceX, was the billionaire whose wealth grew the most, at 751%, causing him to surpass Amazon founder Jeff Bezos as the world's richest person.

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