US Billionaires Get $434b Richer As Unemployment Grows To 39 million Amid Coronavirus Crisis

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US billionaires are cashing out amid coronavirus pandemic as they have gotten $434 billion richer even though about 39 million people have lost their jobs.

According to a report by Forbes, between March 18 and May 19, the total net worth of the 600-plus U.S. billionaires jumped by $434 billion or 15%, based on the group’s analysis of Forbes data.

Elon Musk had among the largest percentage gain of billionaires during the two months, seeing his net worth jump by 48% in the two months to $36 billion. Zuckerberg was close behind, seeing his wealth increase by 46% in the two months, to $80 billion. Bezos’ wealth increased by 31% to $147 billion. Bezos’ ex-wife, MacKenzie Bezos, who received Amazon shares in their divorce, also saw her wealth increase by a third, to $48 billion.

There were some losers during the two-month period, especially for billionaires in the travel,  hospitality or retail business who have yet to see their stocks and companies recover. Ralph Lauren saw his wealth drop by $100 million to $5.6 billion, while hotelier John Pritzker saw his wealth drop by $34 million to $2.56 billion.

Read also: Britain’s Top Ten Richest People

However, as Billionaires are making more money, the U.S. Department of Labor has reported 2,438,000 new unemployment insurance claims during the week ending May 16, bringing the nine-week total of claims during the COVID-19 pandemic to almost 39 million.

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