‘Disturbing Milestone’: Just 12 US Billionaires Now Own More Than $1 Trillion in Combined Wealth

According to IPS, a progressive think tank, the 12 top U.S. billionaires have seen their combined wealth soar by 40%—or $283 billion—since the coronavirus began spreading rapidly across the U.S. in mid-March, sparking widespread economic shutdowns and mass job loss.

“During the first stage of the pandemic, between January 1 and March 18, the collective wealth of the Oligarchic Dozen declined by $96 billion,” wrote IPS researchers Chuck Collins and Omar Ocampo. “But their wealth quickly rebounded and surpassed their September 2019 Forbes 400 wealth level. The only exception is Warren Buffett, who is still $2 billion below his September 2019 wealth, but is currently worth $80 billion.”

Last Thursday, the billionaires’ combined wealth reached $1.015 trillion—the first time in U.S. history that the collective net worth of the top 12 American billionaires has topped the trillion-dollar mark. According to IPS, Tesla and SpaceX CEO Elon Musk has seen his wealth jump by $48.5 billion since mid-March, making him the “biggest pandemic profiteer” of the group.

“This is simply too much economic and political power in the hands of twelve people,” Collins, director of IPS’ Program on Inequality and the Common Good, said in a statement.

There is more at the link above including the individual wealth of the wealthiest people.  Hugs

7 thoughts on “‘Disturbing Milestone’: Just 12 US Billionaires Now Own More Than $1 Trillion in Combined Wealth

  1. Nan August 18, 2020 / 17:48

    “There is more at the link …” Thanks, but no thanks. I’m most definitely not interested in reading about how the rich got richer. 😡

    Liked by 2 people

    • Scottie August 19, 2020 / 02:29

      Hello Nan. I wonder if people realize the disconnect in the country over wealth and security. Millions without jobs, healthcare, food, and housing all lost in the last 6 months while at the same time 12 people made 283 billion more. It is a shame that they made 283 billion in 6 months, but a crime while the rest suffer so badly. Taxing just a fraction of that higher could give the benefits so many need and provide universal healthcare to everyone. Anyone who thinks taxing the wealthy is wrong simply has no clue how much money a billion is and how the economy really works. But we seen this happen in other countries, the wealthy took over, the people worked harder, had less, died after short hard lives with no luxuries while the wealthy played on yachts sucking all the countries incomes into their pockets. But we have seen in the Scandinavian countries how regulated capitalism with wealth taxes can provide profits for the wealthy and services and comfort to the people in the country. Hugs

      Liked by 1 person

      • Nan August 19, 2020 / 13:23

        Millions without jobs, healthcare, food, and housing all lost in the last 6 months.
        It’s all the Democrats’ fault! Surely you knew that!

        Liked by 1 person

  2. Angela Grant August 20, 2020 / 04:28

    The rich got richer and the poor died. That will be the story of the pandemic while Trump occupies the WH.

    Liked by 2 people

    • Scottie August 20, 2020 / 18:18

      Hello Angela. Yes you are correct. Plus there will be many more needless deaths to feed his ego. I have reading your blog, I wanted to ask if you use melatonin to help you sleep? Ron uses it as he also has insomnia. I am very glad you’re able to exercise. Hugs

      Liked by 1 person

      • Angela Grant August 21, 2020 / 06:47

        Hey Scottie, in the early days before I thought sleep was an issue Benadryl worked. Then I moved on to Valerian root and melatonin. Both worked well for a time along with chamomile tea. Then I was tried on all the sleep meds I ever prescribed. That was eye opener since I couldn’t tolerate most. The fatigue caused by my insomnia was off the charts. I needed meds to keep me awake. And that was where the problems began.

        Liked by 1 person

        • Scottie August 23, 2020 / 18:16

          Hello Angela. I am sorry to hear that. Sleep is far more important than most people realize. That is why preventing people from sleeping is a torture and interrogation technique. I hope you get relief soon. Hugs


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.