The combined wealth of America’s billionaires, along with Amazon.com founder Jeff Bezos and Tesla chief Elon Musk, elevated nearly 10% through the ongoing COVID-19 pandemic, according to a report published by the Institute for Policy Studies (IPS).
The wealth surge of America’s richest persons occurred during a period that saw up to 22 million Americans file for unemployment.
Even as the wider economy faced a recession, tech and remain-at-home shares like Zoom have rallied in recent weeks, due to a surge in usage of video conferencing and remote work technology, thus boosting the online worth of billionaire founders with holdings in those firms.
During the interval between January 1 to April 10 this year, 34 of the country’s wealthiest billionaires have seen their net worth enhance by tens of thousands of dollars, the report stated.
Based on the IPS report, eight of these billionaires, together with Bezos, Zoom Video Communications founder Eric Yuan and Musk noticed a $1-billion leap in their net worth.
Musk owns an 18.5% stake in Tesla stocks, which has jumped more than 73% since the beginning of the year as merchants looked past the brief-term impact of the coronavirus pandemic.
Bezos owns nearly 15.1% in Amazon stock, which has gained nearly 31% this year as online orders on its platform have spiked resulting from people staying indoors.
In the past decade, the wealth of U.S. billionaires leaped more than 80.6% adjusted for inflation, the report added.