US billionaires are cashing out amid coronavirus pandemic as they have gotten $434 billion richer even though about 39 million people have lost their jobs.
According to a report by Forbes, between March 18 and May 19, the total net worth of the 600-plus U.S. billionaires jumped by $434 billion or 15%, based on the group’s analysis of Forbes data.
Elon Musk had among the largest percentage gain of billionaires during the two months, seeing his net worth jump by 48% in the two months to $36 billion. Zuckerberg was close behind, seeing his wealth increase by 46% in the two months, to $80 billion. Bezos’ wealth increased by 31% to $147 billion. Bezos’ ex-wife, MacKenzie Bezos, who received Amazon shares in their divorce, also saw her wealth increase by a third, to $48 billion.
There were some losers during the two-month period, especially for billionaires in the travel, hospitality or retail business who have yet to see their stocks and companies recover. Ralph Lauren saw his wealth drop by $100 million to $5.6 billion, while hotelier John Pritzker saw his wealth drop by $34 million to $2.56 billion.
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However, as Billionaires are making more money, the U.S. Department of Labor has reported 2,438,000 new unemployment insurance claims during the week ending May 16, bringing the nine-week total of claims during the COVID-19 pandemic to almost 39 million.