Billionaire wealth increased to $10.2 trillion through the end of July, setting a new record amid the coronavirus pandemic even as millions of unemployed people fall into poverty.
The number of billionaires also rose from 2,158 in 2017 to 2,189 this summer, according to the report.
While the UBS analysis looked at billionaires around the world, a separate analysis by the Institute for Policy Studies and Americans for Tax Fairness found that billionaire wealth in the United States has grown by $792 billion, or 27%, since the beginning of coronavirus lockdowns in March. The combined wealth of American billionaires now tops $3.7 trillion.
The study pointed to President Donald Trump's 2017 tax cuts, which helped billionaires keep more of their earnings. The UBS study noted that Trump's desired capital gains tax cut, billed as a pandemic-related stimulus, would overwhelmingly favor the richest Americans.
"For billionaires, this is a heads-we win, tails-you-lose economy, boosted by Trump policies to funnel wealth to the top," Chuck Collins, the head of the Institute for Policy Studies' Program on Inequality, said in a news release.
The study pointed to President Donald Trump's 2017 tax cuts, which helped billionaires keep more of their earnings. The UBS study noted that Trump's desired capital gains tax cut, billed as a pandemic-related stimulus, would overwhelmingly favor the richest Americans.
"For billionaires, this is a heads-we win, tails-you-lose economy, boosted by Trump policies to funnel wealth to the top," Chuck Collins, the head of the Institute for Policy Studies' Program on Inequality, said in a news release.
https://www.alternet.org/2020/10/billionaires-rich/