The Super-Rich Is Getting Much Richer In The Time Of CO.VID-19 Crisis

Anil - Apr 26, 2020

While 22 million Americans were reported to lose their jobs within a month, the super-rich class gained a huge profit from the global pandemic.

Anyone can be infected with the coronavirus, regardless of the rich or the poor. Its impact, nevertheless, has been a far cry from the social equality theory.

While 22 million Americans were reported to lose their jobs within a month, the super-rich class gained a huge profit from the global pandemic, which helped their total wealth rose by nearly 10% or $282 billion more than it was at the beginning of March. Currently, their combined net worth has been estimated to reach $3.229 trillion.

For example, the initial stock market crisis might have affected Jeff Bezos’ net worth, which plummeted to just $105 billion on March 12. However, his wealth has regained its position, which is estimated to have skyrocketed by $25 billion until the mid of April.

Another telling example should be the founder and CEO of the hot-search app Zoom, Eric Yuan, who was among the minority to have an increase in net worth even when the markets crashed. Now his net worth has risen by $2.58 billion.

Based on a new analysis from the Institute of Policy Studies, a progressive think tank regarded those billionaires as pandemic profiteers and they just served as an illustration of the wealth inequality remaining in the US.

In actual fact, the taxes paid by the super-rich, which was measured as a percentage of their wealth, have dramatically decreased by 79% since 1980.

Added by Chuck Collins, who is a senior researcher at the Institute for Policy Studies, the truth behind warmhearted billionaires donating .0001% of their wealth to their fellow human beings in the pandemic is just their attempt to reduce taxes for decades, and that amount of tax-evasion money could have been invested in bettering public health infrastructure.

Despite large donations have been given away from several billionaires, that philanthropy must not be allowed to distract public attention to the issue of inequality, Collins emphasized. Charity is totally not an optimal substitute for a fair tax system as well as an adequately funded public safety net.