New analysis by Americans for Tax Fairness and the Institute for Policy Studies shows, in total, 745 billionaires now hold $5 trillion in collective wealth, which is "two-thirds more than the $3 trillion in wealth held by the bottom 50% of U.S. households."
American billionaires grew in number and expanded their collective fortunes by $2.1 trillion since COVID-19 sparked a worldwide pandemic 19 months ago, according to a new analysis unveiled Monday.
An overall 70% surge of wealth among the nation’s richest individuals since March of 2020 has resulted in approximately 130 new billionaires, found the new report released by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS). In a statement, the groups noted that there are now 745 people with “10-figure bank accounts” compared to the 614 that existed when the pandemic first hit.
In total, those 745 billionaires now hold $5 trillion in collective wealth, which the groups note is “two-thirds more than the $3 trillion in wealth held by the bottom 50% of U.S. households.”
While ATF and IPS have been tracking the explosive growth of the uber-wealthy throughout the pandemic, the latest figures come as Democrats in Congress continue to negotiate with themselves over the cost and scope of President Joe Biden‘s ‘Build Back Better’ agenda which aims to provide expanded Medicare, paid family leave, universal childcare and pre-K, bold climate action and an expanded childhood tax credit to alleviate childhood poverty and provide a more robust economic foundation for millions of working American families.
According to IPS/ATF:
“The great good fortune of these billionaires over the past 19 months is all the more stark when contrasted with the devastating impact of coronavirus on working people. Almost 89 million Americans have lost jobs, over 44.9 million have been sickened by the virus, and over 724,000 have died from it.
“To put this extraordinary wealth growth in perspective, the $2.1 trillion gain over 19 months by U.S. billionaires is equal to:
60% of the $3.5 trillion ten-year cost of President Biden’s Build Back Better plan.
The entire $2.1 trillion in new revenues over ten years approved by the House Ways and Means Committee to help pay for President Biden’s Build Back Better (BBB) investment plan.”