SpaceX owner and Tesla CEO Elon Musk poses on the red carpet for the Axel Springer Awards ceremony, in Berlin, on December 1, 2020. (Photo: Britta Pedersen/AFP via Getty Images)
May 05, 2022
As the U.S. crosses the grim milestone of 1 million deaths from COVID-19, U.S. billionaires have seen their combined wealth rise over $1.7 trillion, a gain of over 58 percent.
This troubling juxtaposition underscores the story of unequal loss and sacrifice during the worst pandemic in a century. While billionaires have seen their wealth surge during the pandemic, millions have lost their lives and livelihoods.
On March 18, 2020, at the beginning of the formal lockdown, U.S. billionaires held a combined $2.947 trillion. On May 4, 2022, as the U.S. crossed the 1 million death mark, according to an analysis by NBC, 727 U.S. billionaires were worth $1.71 trillion more, according to Forbes.
Elon Musk who had wealth valued just under $25 billion on March 18, 2020 has seen his wealth increase to $255 billion as of May 4, 2022.
Between March 18, 2020 and May 4, 2022, the following increases in wealth have occurred:
- Jeff Bezos saw his wealth rise from $113 billion to $150 billion.
- Bill Gates experienced a wealth increase from $98 billion to $129.8 billion.
- Three members of the Walton family, Jim, Alice and Rob, have seen their combined assets rise from $163.1 billion to $207.7 billion.
At one point during the pandemic, billionaire wealth gains topped $2.1 trillion with market gains, according to an October 2021 report by Americans for Tax Fairness and the Institute for Policy Studies. Previous studies have tracked billionaire wealth gains over the last two years (See the IPS, inequality.org and ATF Billionaires).
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
© 2023 Institute for Policy Studies
Chuck Collins
Chuck Collins is a senior scholar at the Institute for Policy Studies where he co-edits Inequality.org. His near future novel "Altar to An Erupting Sun” explores one community’s response to climate disruption. He is author of numerous books and reports on inequality and the racial wealth divide, including “The Wealth Hoarders: How Billionaires Spend Millions to Hide Trillions,” “Born on Third Base,” and, with Bill Gates Sr., of “Wealth and Our Commonwealth: Why American Should Tax Accumulated Fortunes.” See more of his writing at www.chuckcollinswrites.com
Omar Ocampo
Omar Ocampo is a researcher for the Program on Inequality and the Common Good. He graduated from the University ofMassachusetts Boston with a B.A. in Political Science and holds a Masters in International Relations from the American University in Cairo. His thesis focused on the politics of international oil and humanitarian intervention in Libya.
As the U.S. crosses the grim milestone of 1 million deaths from COVID-19, U.S. billionaires have seen their combined wealth rise over $1.7 trillion, a gain of over 58 percent.
This troubling juxtaposition underscores the story of unequal loss and sacrifice during the worst pandemic in a century. While billionaires have seen their wealth surge during the pandemic, millions have lost their lives and livelihoods.
On March 18, 2020, at the beginning of the formal lockdown, U.S. billionaires held a combined $2.947 trillion. On May 4, 2022, as the U.S. crossed the 1 million death mark, according to an analysis by NBC, 727 U.S. billionaires were worth $1.71 trillion more, according to Forbes.
Elon Musk who had wealth valued just under $25 billion on March 18, 2020 has seen his wealth increase to $255 billion as of May 4, 2022.
Between March 18, 2020 and May 4, 2022, the following increases in wealth have occurred:
- Jeff Bezos saw his wealth rise from $113 billion to $150 billion.
- Bill Gates experienced a wealth increase from $98 billion to $129.8 billion.
- Three members of the Walton family, Jim, Alice and Rob, have seen their combined assets rise from $163.1 billion to $207.7 billion.
At one point during the pandemic, billionaire wealth gains topped $2.1 trillion with market gains, according to an October 2021 report by Americans for Tax Fairness and the Institute for Policy Studies. Previous studies have tracked billionaire wealth gains over the last two years (See the IPS, inequality.org and ATF Billionaires).
Chuck Collins
Chuck Collins is a senior scholar at the Institute for Policy Studies where he co-edits Inequality.org. His near future novel "Altar to An Erupting Sun” explores one community’s response to climate disruption. He is author of numerous books and reports on inequality and the racial wealth divide, including “The Wealth Hoarders: How Billionaires Spend Millions to Hide Trillions,” “Born on Third Base,” and, with Bill Gates Sr., of “Wealth and Our Commonwealth: Why American Should Tax Accumulated Fortunes.” See more of his writing at www.chuckcollinswrites.com
Omar Ocampo
Omar Ocampo is a researcher for the Program on Inequality and the Common Good. He graduated from the University ofMassachusetts Boston with a B.A. in Political Science and holds a Masters in International Relations from the American University in Cairo. His thesis focused on the politics of international oil and humanitarian intervention in Libya.
As the U.S. crosses the grim milestone of 1 million deaths from COVID-19, U.S. billionaires have seen their combined wealth rise over $1.7 trillion, a gain of over 58 percent.
This troubling juxtaposition underscores the story of unequal loss and sacrifice during the worst pandemic in a century. While billionaires have seen their wealth surge during the pandemic, millions have lost their lives and livelihoods.
On March 18, 2020, at the beginning of the formal lockdown, U.S. billionaires held a combined $2.947 trillion. On May 4, 2022, as the U.S. crossed the 1 million death mark, according to an analysis by NBC, 727 U.S. billionaires were worth $1.71 trillion more, according to Forbes.
Elon Musk who had wealth valued just under $25 billion on March 18, 2020 has seen his wealth increase to $255 billion as of May 4, 2022.
Between March 18, 2020 and May 4, 2022, the following increases in wealth have occurred:
- Jeff Bezos saw his wealth rise from $113 billion to $150 billion.
- Bill Gates experienced a wealth increase from $98 billion to $129.8 billion.
- Three members of the Walton family, Jim, Alice and Rob, have seen their combined assets rise from $163.1 billion to $207.7 billion.
At one point during the pandemic, billionaire wealth gains topped $2.1 trillion with market gains, according to an October 2021 report by Americans for Tax Fairness and the Institute for Policy Studies. Previous studies have tracked billionaire wealth gains over the last two years (See the IPS, inequality.org and ATF Billionaires).
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.