• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • TP について/About
  • Topics/トピクス
    • Gender/ジェンダー
    • Globalisation/グローバリゼーション
    • Japan and Asia/日本とアジア
    • Japanese/日本語
    • Media/メディア
    • News/ニュース
    • Social Justice/社会正義
    • War and Empire/戦争&支配権力
    • Environment/環境
    • Other Stories/他の記事
  • Links/リンク
  • Contact

TokyoProgressive

Linking Progressives East and West Since 1997

東西のプログレッシブをつなぐ − 1997年設立  |  Linking Progressives East and West Since 1997

It's a Billionaire's Thanksgiving: Wealth of Richest Surges Past $1 Trillion Since Pandemic Hit

November 26, 2020 by Leave a Comment

 

From CommonDreams

Published on
Thursday, November 26, 2020
by
Inequality.org

It's a Billionaire's Thanksgiving: Wealth of Richest Surges Past $1 Trillion Since Pandemic Hit

The combined wealth of U.S. billionaires has grown 34 percent since March 2020.

by
Chuck Collins
0 Comments
Billionaire Elon Musk, Tesla boss, comes to the construction site of the Tesla Giga Factory earlier this year. (Photo: Patrick Pleul/dpa-Zentralbild/ZB)

Billionaire Elon Musk, Tesla boss, comes to the construction site of the Tesla Giga Factory earlier this year. (Photo: Patrick Pleul/dpa-Zentralbild/ZB)

Tuesday, November 24, as the Dow crossed the 30,000 mark, the wealth of 650 U.S. billionaires approached a total of $4 trillion, with $1 trillion in growth since March 2020.

Of this group, 29 billionaires have seen their wealth double since March 2020. There are 36 additional billionaires in the U.S. since March 2020. There are 47 new individuals on the list, with 11 going off the list due to death or financial decline.

Some of the big gains include:

  • Elon Musk’s wealth grew over $100 billion since the start of the pandemic, from $24.6 billion on March 18 to $126 billion on November 24, an increase of 413%, boosted by his Tesla stock. His wealth now surpasses Bill Gates of Microsoft
  • Jeff Bezos’s wealth grew almost $70 billion from $113 billion on March 18 to $182.4 billion.
  • Dan Gilbert, chairman of Quicken Loans, saw his wealth rocket by over $37 billion, from $6.5 billion in March to $43.9 billion on November 24, 2020, an increase of 575 percent.

Find our up-to-date analysis of billionaire wealth here.

SCROLL TO CONTINUE WITH CONTENT

Never Miss a Beat.

Get our best delivered to your inbox.

The almost $4 trillion owned by U.S. billionaires is about 3.5 percent of all privately held wealth in the U.S., estimated at $112 trillion. Billionaire wealth is twice the amount of wealth held by the bottom 50 percent of households combined, roughly 160 million people.

According to the Federal Reserve, 2020 Second Quarter Distribution of Financial Accounts, the distribution of $112 trillion in total private wealth is this: The top 1% has $34.23 trillion; The top 90-99 percentile have 43.09’ The 50-90 percentile have $32.65 trillion; and, the bottom 50% have $2.08 trillion.

This is not normal or predetermined by any means. According to IPS analysis, U.S. billionaires saw their fortunes decline in the years after the 2008 Great Recession along with everyone else. It wasn’t until almost 4 years later, in September 2012, that the total wealth of the Forbes 400 exceeded its 2008 pre-Great Recession levels (see below).

Forbes 400 Total Wealth

  • 2007   $1.54 trillion
  • 2008   $1.57 trillion (wealth measured Aug 2008 -right before market plunge)
  • 2009  $1.27 trillion
  • 2010  $1.37 trillion
  • 2011  $1.53 trillion
  • 2012  $1.7 trillion

Chuck Collins

Chuck Collins

Chuck Collins is a senior scholar at the Institute for Policy Studies where he co-edits Inequality.org, and is author of the new book, “Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good.”  He is co-founder of Wealth for the Common Good, recently merged with the Patriotic Millionaires. He is co-author of “99 to 1: The Moral Measure of the Economy” and, with Bill Gates Sr., of “Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes.“

This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don’t survive on clicks. We don’t want advertising dollars. We want the world to be a better place. But we can’t do it alone. It doesn’t work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don’t Exist.

Please select a donation method:



Share This Article

Related Articles

'About to Be Catapulted Off a Cliff': Study Shows 12 Million Set to Lose Jobless Benefits After Christmas

Why We Must Protect Essential Workers From Billionaire Pandemic Profiteers

'No Vaccine for Climate Change': Coronavirus Has Been Disastrous, Says Red Cross, But Global Warming Poses Greater Threat

'This Is Depraved': Tyson Food Managers Accused of Betting on How Many of Their Workers Would Get Covid-19

More in:
Economy, U.S.
,
Inequality

Top Comments

(Click to see more comments or to join the conversation)

Filed Under: Common Dreams, Social Justice/社会正義

Join the Discussion

Comment on this article or respond to others' comments.

You can post below or send to the mailing list at discuss@list.tokyoprogressive.org.

a) Please sign you name at the bottom of your comment, so that we know who wrote it.

b) To prevent spam, comments need to be manually approved.

c) Comments which are insulting, racist, homophobic or submitted in bad faith will not be published.

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

Search the site

Archives

Main Categories (old and most recent)

Alternative News Contributors/投稿者 creative Democracy Now Environment/環境 Featured Gender/ジェンダー Globalisation/グローバリゼーション Jacobin Japan/日本 Japan and Asia/日本とアジア Japanese/日本語 Japan Focus Japan News Korea/韓国 latest latest-j links Media/メディア Mp3 National Security Archive neoliberalism new News/ニュース Other Stories/他の記事 Social Justice/社会正義 Topics Uncategorized Video War and Empire/戦争&支配権力

Search deeper

Abe activities, protests, films, events Afghanistan alternative news Bush class issues and homelessness Environmental research fukushima gaza health care Henoko human rights Iraq Iraq, Afganistan and the War on Terror Iraq and Afghanistan, opposing the wars Israel Japan Korea labor issues Latin America Middle East military North Korea nuclear nuclear waste Obama Okinawa Okinawa Palestine peace protest protest and resistance racism/human rights radiation state crimes Syria Takae Tepco Trump U.S. War world news English ニュース/社会問題 人権 平和、憲法9条

Design and Hosting for Progressives

Donate/寄付

Please support our work. This includes costs involved in producing this news site as well as our free hosting service for activists, teachers and students. Donations/寄付 can be sent to us via PayPal or Donately. You can also click on the buttons below to make a one-time donation.




Work with us

TokyoProgressive
supports and participates in projects of like-minded people and groups directly (technical, editing, design) and not-so directly (financial or moral support). Likewise, we also welcome contributions by readers that are consistent with promoting social justice. If you have a project you would like help with, or if you would like to submit an article, link, or report on a protest activity, please contact us here.

Footer

All opinions are those of the original authors and may not reflect the views of TokyoProgressive. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for by copyright law in several countries. The material on this site is distributed without profit.

 

 

 

 

 

 

 

 

 

 

 

Copyleft 1997-present: tokyoprogressive dot org

TokyoProgressive supports and participates in projects of like-minded people and groups directly (technical, editing, design) and not-so directly (financial or moral support). Likewise, we also welcome contributions by readers that are consistent with promoting social justice. If you have a project you would like help with, or if you would like to submit an article, link, or report on a protest activity, please contact us here.

Copyright © 2025 · Magazine Pro on Genesis Framework · WordPress · Log in