News24
23 May 2020, 01:16 GMT+10
The fortunes of US billionaires rose 15 percent in the two months since the coronavirus pandemic hit, a study found, with Amazon boss Jeff Bezos and Facebook chief Mark Zuckerberg seeing massive gains.
The more than 600 billionaires in the United States became even richer as tech stocks rose during virus lockdowns, an analysis of data by two think-tanks published Thursday said.
Between March 18 and May 19, their total net worth increased by $434 billion, while the coronavirus pandemic caused job losses and economic agony for millions worldwide.
Bezos' wealth grew over 30% to $147.6 billion, while Zuckerberg's fortune leapt by more than 45% to $80 billion, according to the research by Americans for Tax Fairness and the Institute for Policy Studies' Program for Inequality. The analysis was based on data from Forbes billionaires list.
Microsoft's Bill Gates and Berkshire Hathaway's Warren Buffett saw comparatively paltry gains of 8.2% and 0.8%, respectively, according to the report.
Amazon and Facebook stocks have surged following new program announcements that pushed their businesses ahead at a time when many consumers are stuck at home.
Job losses in the US have passed 36.8 million since business shutdowns began in mid-March to stop the spread of the deadly new disease.
Other data have shown a collapse in housing sales and a decline in manufacturing, as officials debate what additional steps will be needed to rescue the beleaguered economy.
Covid-19 has killed at least 94 700 people in the US where more than 1.5 million infections have been confirmed, according to an AFP tally.
Get a daily dose of Broadcast Communications news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.
More InformationNEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
Washington DC [US], July 13 (ANI): 'Modern Family' fame actress Ariel Winter opened up about her experience of allegedly being preyed...
New Delhi [India], July 13 (ANI): The business valuation of the Indian Premier League (IPL) has surged an unprecedented USD 18.5 billion,...
(250712) -- HARARE, July 12, 2025 (Xinhua) -- Jonathan Marerwa, manager for radio news at the Zimbabwe Broadcasting Corporation, speaks...
(250712) -- KAMPALA, July 12, 2025 (Xinhua) -- Winston Agaba, managing director of Uganda Broadcasting Corporation, speaks at the premiere...
(Photo credit: Mark J. Rebilas-Imagn Images) Amazon Prime Video has hired veteran broadcaster Kevin Harlan to call NBA games during...
Ganderbal (Srinagar) [India], July 10 (ANI): The Indian Army launched Radio Kangan 88.4 FM in Wussan, Ganderbal, Central Kashmir, to...