This story [1] was originally published on OpenDemocracy.net/en/.

This story [1] was originally published on OpenDemocracy.net/en/.
License: Creative Commons 4.0 - Attributions/No Derivities/
international.
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COVID-19 has made the super-rich richer. It’s time for a billionaire wealth tax
By: []
Date: None

What should good societies do when a wealthy few reap enormous financial windfalls during a global pandemic?

While millions lost their lives, livelihoods, health and wealth, the world’s billionaires and super-rich prospered. According to research from Americans for TaxFairness and the Institute for Policy Studies, between 18 March 2020 and 19 February 2021, the combined wealth of US billionaires increased by $1.3trn, a 44.6% increase in the space of just 48 weeks.

The concentration of wealth is staggering. There are now 661 billionaires in the US, with a total wealth of $4.26trn as of 19 February 2021, up from $2.9trn on 18 March 2020, nearly a year earlier. For perspective, the combined wealth of the bottom half of all US households, 165 million people, is $2.4trn, according to the Federal Reserve.

Elon Musk’s wealth grew by an astounding $157bn, from $24.6bn on 18 March 2020 to $182bn on 19 February 2021, a nearly seven-fold increase, boosted by the rapid increase in the value of Tesla stock.

Jeff Bezos’s wealth grew from $113bn to $189bn over the same period, an increase of almost 60%.

Mark Zuckerberg’s wealth grew from $54.7bn to $95.7bn, fueled by his ownership of Facebook.

Dan Gilbert, chairman of Quicken Loans, saw his wealth skyrocket by 559%, from $6.5bn in March 2020 to $42.8bn on 19 February 2021.

[1] Url: https://www.opendemocracy.net/en/oureconomy/covid-19-has-made-the-super-rich-richer-its-time-for-a-billionaire-wealth-tax/