In the past 16 months, since the official start of the pandemic lockdown, the combined wealth of 713 US billionaires has jumped $ 1.8 trillion, a gain of almost 60%. The combined total wealth of US billionaires has grown from $ 2.9 trillion on March 18, 2020 to $ 4.7 trillion on July 9, 2021.
The wealth of billionaires has grown steadily since 1990, but a third of their wealth gains have taken place during the pandemic. The wealth of American billionaires has grown 19-fold over the past 31 years, from $ 240 billion adjusted for inflation in 1990 to $ 4.7 trillion in 2021.
See the full analysis prepared by the Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) analyzing Forbes wealth data. A table of Forbes data can be found here and a table of the top 15 billionaires is below.
The Institute for Policy Studies Program on Inequality (www.inequality.org) has been tracking the wealth gains of billionaires, in collaboration with our partners at the Americans for Tax Fairness, since the April 2020 publication of Billionaire Bonanza 2020: wealth gains, lower taxes and profiteers from the pandemic.
It provides a case study of what’s broken with our current economic and fiscal systems, as Congressional Democrats rework President Biden’s plan to invest in American families by taxing the wealthy and corporations more fairly.
This increase in billionaire wealth alone could almost entirely pay off President Biden’s proposed family investment plan.
This includes the $ 1.8 trillion over ten year cost of the American Families Plan’s vital investments in education, child care, health care, nutrition and more for tens of millions of Americans. The billionaire pandemic wealth gains are also half of the An alleged cost of $ 3.5 trillion the investment package that Democrats in the US Senate could put to a vote as early as next week.