Billionaires made $ 283 billion off coronavirus: study

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According to new research, billionaires gained an additional $ 238 billion in wealth in 23 days during the coronavirus pandemic.

The wealth of the American billionaire collectively increased by $ 238 billion, a gain of 10%, from March 18 to April 10, when more than 22 million Americans lost their jobs, according to a study by the Institute for Policy Studies , a progressive think tank.

“Billionaire wealth has increased incredibly in recent decades – and, for some ‘pandemic profiteers’, even more dramatically since the COVID-19 crisis – even as the tax obligations of billionaires have fallen,” said the study.

Founder and CEO of Amazon, Jeff Bezos (Associated Press)

Eight billionaires have each earned more than $ 1 billion in additional wealth since the first months of the pandemic from January 1, including Jeff Bezos, Elon Musk, MacKenzie Bezos, Eric Yuan, Steve Ballmer, John Albert Sobrato, Joshua Harris and Rocco Commisso, the institute found.

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Bezos has benefited the most from the pandemic, with the two-day Amazon Prime expedition being widely popular among people who stay at home during the state foreclosure and try to limit store travel in person.

The wealth of the Amazon founder has increased by more than $ 25 billion since January 1 and by $ 12 billion since February 1, according to the study.

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The institute also notes that billionaire wealth in the United States has increased by 1,130% since 1990, compared to a 5.37% growth in median wealth in the United States Between 1980 and 2018, the tax obligations of billionaires have decreased by 79%.

Tesla CEO Elon Musk. (Getty Images)

In contrast, 78% of Americans live from paycheck to paycheck during COVID-19, and 20% have zero or negative net worth, the study found.

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More than 3.8 million Americans filed for unemployment last week, the Department of Labor reported on Thursday as the tsunami of job losses triggered by the coronavirus pandemic continues to grow.

The new report, which covers the week ending April 25, pushes total job losses over six weeks since states adopted strict home support measures to 30.2 million. Unemployment on this scale has not been recorded since the Great Depression, when the unemployment rate peaked at 25%.

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Megan Henney of FOX Business contributed to this report.

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