Billionaires, Big Tech and Big Pharma Were Pandemic’s Big Winners, New Report Confirms

Mar 22, 2024 | Political News

The combined wealth of U.S. billionaires skyrocketed by $2.58 trillion since the beginning of the COVID-19 pandemic in March 2020 — even as millions of Americans faced job losses, business closures and financial struggles.

During the same four-year period, many pharmaceutical and technology companies also saw their profits soar, although some companies like Pfizer and Moderna have since seen their values come crashing back to Earth.

The latest update from Inequality.org highlights the extraordinary gains made by U.S. billionaires during the pandemic.

As of March 18, 2024, the total wealth of American billionaires increased by 87.6% since the start of the pandemic, reaching $5.53 trillion.