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Billionaire Bonanza 2020: Wealth windfalls, tumbling taxes, and pandemic profiteers

May 1, 2020 | Resources

Billionaires dominate our politics, culture, and economy. Their wealth, as this report shows, has concentrated mightily over the last four decades — even as the number of U.S. households with zero or negative net worth is increasing and most of us are living paycheck to paycheck.

The current pandemic is exposing our central economic and social reality: Extreme wealth inequality has become America’s “pre-existing condition.”

In this report, we show how billionaire wealth has grown astoundingly over the last few decades — and, for some “pandemic profiteers,” even more dramatically since the COVID-19 crisis — even as billionaire tax obligations have plummeted.

If this inequality isn’t treated with both short and long-term tax reforms and oversight, America’s “pre-existing condition” of extreme inequality could overwhelm not only our economy, but our democracy itself.

  • Between January 1, 2020 and April 10, 2020, 34 of the nation’s wealthiest 170 billionaires saw their wealth increase by tens of millions of dollars. Eight have seen their net worth surge by over $1 billion.
  • As of April 15, Jeff Bezos’s fortune had increased by an estimated $25 billion since January 1, 2020. This unprecedented wealth surge is larger than the Gross Domestic Product of Honduras, $23.9 billion in 2018.
  • Between March 18 and April 10, 2020, over 22 million people lost their jobs as the unemployment rate surged toward 15 percent. Over the same three weeks, U.S. billionaire wealth increased by $282 billion, an almost 10 percent gain.
  • Billionaire wealth rebounded quickly after the 2008 financial crisis. Between 2010 and 2020, U.S. billionaire wealth increased 80.6 percent, more than five times the median wealth increase for U.S. households.
  • Between 1990 and 2020, U.S. billionaire wealth soared 1,130 percent — an increase more than 200 times greater than the 5.37 percent growth of U.S. median wealth.
  • Measured as a percentage of their wealth, the tax obligations of America’s billionaires decreased 79 percent between 1980 and 2018.

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