40.7 million Americans have lost their jobs over just the past 10 weeks as mass layoffs induced by the coronavirus pandemic continue. More than 100,000 people have died of Covid-19 in the United States.
Currently, there are 16 more billionaires than there were in mid-March.
According to a new analysis by the Institute for Policy Studies (IPS), the combined net worth of America's billionaires soared by nearly half a trillion dollars, bringing their total wealth to $3.4 trillion. IPS, which has been publishing weekly updates on billionaire "pandemic profiteering," found that the combined net worth of U.S. billionaires grew by $485 billion between March 18 and May 28, an increase of 16.5%.
Amazon CEO Jeff Bezos and Facebook CEO Mark Zuckerberg saw their combined wealth soar by $63 billion over the last 10 weeks.
It said, "This is a grotesque indicator of the deep inequalities in U.S. society," adding, "This isn't just unsustainable, it's unconscionable."