US billionaires see wealth rise as markets recover

Billionaires hold a great deal of their wealth in shares, often in the companies they founded

US billionaires

US billionaires see wealth rise as markets recover. Source: shutterstock.com

Due to the fact that markets recover amid the COVID-19 pandemic, US billionaires expanded their wealth by over $406 billion, LearnBonds found.

According to information, Amazon stock recently hit an all-time high. This way, Jeff Bezos’ wealth has grown by $32 billion since the beginning of 2020.

At the same time, his ex-wife MacKenzie Bezos also saw growth of her wealth by $10 billion. She holds a 4% stake in Amazon. Meanwhile, she has signed the Giving Pledge meaning that she would donate at least half of her wealth either in her lifetime or in the will.

Since Tesla’s stock has grown almost 87%, its co-founder and chief executive Elon Musk’s wealth has increased by $10 billion.

The report highlights that lockdowns have lifted the demand for video calling app Zoom. Therefore, its founder Eric Yuan has seen his wealth rise by $3.5 billion in 2020.

At the end of April, there were 630 billionaires in the US with a combined wealth of $3.4 trillion. Income inequality across the country has been increasing, revealing that the wealthy 400 Americans are as rich as the poorest 64%.

We’ve reported that the total revenue of the 10 richest people worldwide worth more than the gross domestic product (GDP) of 85 poor countries combined.

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