US billionaires got $565 bln richer during pandemic

The past three months have been financially painful for many Americans -- but not for billionaires.

US billionaires have become $565 billion richer since March 18, according to a report published by the Institute for Policy Studies, a progressive think tank.

Total wealth for billionaires now stands at $3.5 trillion, up 19% from the low point near the beginning of the pandemic, the report said. During the 11 weeks, Bezos saw his wealth soar by about $36.2 billion, while Zuckerberg's fortune surged by approximately $30.1 billion. Tesla Chief Executive Elon Musk's net worth also rose $14.1 billion.

Since that day, nearly 43 million Americans have filed for initial unemployment benefits. Lower-income workers, especially in travel and service-sector jobs, have been hit particularly hard by the health crisis.

"These statistics remind us that we are more economically and racially divided than at any time in decades," said Chuck Collins, a co-author of the report.

The numbers put an exclamation point on the deep divide between haves and have-nots that is helping to fuel unrest across the United States. Wealth inequality is likely to get even worse because of this crisis, experts say.

The acceleration of wealth for the richest Americans is being driven by the remarkable recovery of the stock market, which has skyrocketed in large part because of unprecedented action from the Federal Reserve.

"The stock market taking off — and decoupling from the real economy — is exacerbating inequality," said Kristina Hooper, chief global market strategist at Invesco.