Bilionaires Increased Net Worth by $1 Trillion Since Pandemic's Start

By:
Chris Gaetano
Published Date:
Dec 11, 2020
While the finances of many people are hanging by a thread, the country's billionaires are doing quite well, having increased their collective net worth by more than $1 trillion since the beginning of the pandemic, according to CPA Practice Advisor. As of the beginning of this week, their wealth now totals $4 trillion, representing a 36 percent leap from March's $2.95 trillion. It is about twice that of the wealth held by the bottom 50 percent of Americans.

The $1 trillion gain alone would place these billionaires alongside the top economies worldwide, ranking just above the Netherlands, which has a GDP of $886 billion. If considering the $4 trillion total, then the billionaires would be the fourth largest economy on earth, beaten out only by the United States, China and Japan and knocking Germany to the number five spot.

MarketWatch said that, theoretically, the country's entire billionaire class could send $3,000 checks to everyone in the country and still end up richer than they were in March. It is highly unlikely they would ever do so, but such an act would nonetheless present a great deal of relief for Americans waiting with bated breath for a new government stimulus package.

Click here to see more of the latest news from the NYSSCPA.