COVID has exacerbated inequality. Anyone worried about social stability realizes a backlash is coming that will accelerate the cycle shift from wealth accumulation to wealth distribution.
Forbes’ list of American billionaires has 643 names on it. From mid-March through early-August, their collective wealth skyrocketed by $685 billion. The richest 0.00019% of the U.S. population now possesses roughly $3.6 trillion. The 12 richest Americans have seen their wealth increase 40% since the middle of March and now hold more than $1 trillion combined for the first time in U.S. history.
This staggering increase in wealth amongst the wealthiest has come as the majority of Americans have suffered. Total wealth held in the U.S. declined by 9% during the first half of 2020, according to a report released earlier this month by Webster Pacific and New World Wealth. Roughly 127 million Americans have experienced a loss of income since ...
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