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Wealth of US billionaires soars during pandemic

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/reuters/10/07/skyline.jpg"/><figcaption>The Empire State Building and Manhattan skyline is seen from the 77 story One Vanderbilt office tower, the latest super-tall skyscraper to grace New York&#x27;s iconic skyline, which is set to open while the coronavirus disease (COVID-19) keeps the largest and richest US office market almost empty, in midtown Manhattan, New York City, US, September 9, 2020. <em>Mike Segar, Reuters/file</em></figcaption></figure></div><p><br/>NEW YORK - America&#x27;s billionaires have seen their wealth rise by more than $1 trillion since the start of the coronavirus pandemic, according to a study Wednesday, fueling a debate about higher taxes on the rich.</p><p>The collective wealth of the 651 billionaires in the United States soared from $2.95 trillion on March 18 to $4.01 trillion on Monday, said the Institute for Policy Studies and Americans for Tax Fairness (ATF).</p><p>&quot;Never before has America seen such an accumulation of wealth in so few hands,&quot; said Frank Clemente, ATF&#x27;s executive director, noting that the gain exceeds a relief package being considered by Congress.</p><p>&quot;Their pandemic profits are so immense that America&#x27;s billionaires could pay for a major COVID relief bill and still not lose a dime of their pre-virus riches,&quot; he added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/overseas/09/21/20/richest-1s-emissions-twice-that-of-poorest-50-analysis">Richest 1%&#x27;s emissions twice that of poorest 50%: analysis</a></li></ul><p>On Tuesday, the White House unveiled a $916 billion stimulus proposal in a final dash to break a months-long logjam over new aid for the coronavirus-stricken US economy before President Donald Trump leaves office in January.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/09/20/white-house-proposes-new-916-b-stimulus-plan-to-break-deadlock">White House proposes new $916-B stimulus plan to break deadlock</a></li>	<li><a href="https://news.abs-cbn.com/business/12/02/20/biden-pledges-help-on-the-way-for-us-economy">Biden pledges help &#x27;on the way&#x27; for US economy</a></li></ul><p>The new proposal is slightly larger than a $908 billion compromise unveiled by a bipartisan group of senators last week.</p><p>The authors of the study say that the $1 trillion wealth gain would pay for stimulus checks of $3,000 for all of the roughly 300 million Americans.</p><p>The study adds to the already heated debate in the United States about taxing the rich more heavily to narrow growing wealth inequalities.</p><p>For example, Alexandria Ocasio-Cortez -- a rising star on the left wing of the Democratic Party -- is pushing for higher taxes in New York, which like many states is facing a budget crisis caused by the pandemic.</p><p>A study published by UBS bank and accounting firm PwC in October found that the cumulative wealth of the world&#x27;s dollar billionaires hit a new record of $10.2 trillion, above the previous peak of $8.9 billion recorded in 2017.</p><p>The pandemic sparked a stock market crash in March, which saw some tumble out of the billionaires&#x27; club, before a sharp rebound in technology and health stocks boosted billionaires in those sectors.</p><div><strong>© Agence France-Presse</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/C2xvIXvtWe4?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>America's billionaires have seen their wealth rise by more than $1 trillion since the start of the coronavirus pandemic, according to a study Wednesday, fueling a debate about higher taxes on the rich.<br /> </p>

America's billionaires have seen their wealth rise by more than $1 trillion since the start of the coronavirus pandemic, according to a study Wednesday, fueling a debate about higher taxes on the rich.