ABSTRACT

Billionaire Bonanza 2020: 'Wealth Windfalls, Tumbling Taxes, and Pandemic Profiteers'   [open pdf - 0B]

From the Key Findings: "[1] Between 1990 and 2020, U.S. billionaire wealth soared 1,130 percent in 2020 dollars, an increase more than 200 times greater than the 5.37 percent growth of U.S. median wealth over this same period. [2] Between 1980 and 2018, the tax obligations of America's billionaires, measured as a percentage of their wealth, decreased 79 percent. [3] Between January 1, 2020 and April 10, 2020, 34 of the nation's wealthiest 170 billionaires have seen their wealth increase by tens of millions of dollars. Eight of these billionaires[...] have seen their net worth surge by over $1 billion. [4] The Jeff Bezos wealth surge is unprecedented in modern financial history and varies greatly day by day. As of April 15, his fortune had increased by an estimated $25 billion since January 1, 2020. This is larger than the Gross Domestic Product of Honduras, $23.9 billion in 2018. [5] Billionaire wealth rebounded quickly after the 2008 financial crisis, taking less than 30 months to attain its pre-meltdown levels. Between 2010 and 2020, U.S. billionaire wealth increased 80.6 percent in 2020 dollars, more than five times the median wealth increase of 15.1 percent for U.S. households over the 2010 to 2016 years, based on most recent available data."

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2020-04-23
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2020 Institute for Policy Studies
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Institute for Policy Studies: https://ips-dc.org/
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application/pdf
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