The wealth of the super-rich has increased at an alarming rate since the outbreak in the United States, according to a new study. As of Aug. 17, the total wealth of US billionaires increased by more than $1.8 trillion, enough to repay all US student debt.
The total wealth of wealthy Americans has soared 62 per cent since March last year, from less than $3,000bn at the start of the epidemic to $4.8 trillion, according to a report released on Tuesday by the US Policy Institute and the American tax Equity Association.
According to this report, Tesla, Inc.CEO Elon-Musk's wealth grew the fastest, increasing by US $150 billion, or 600%, during the outbreak. AmazonFounder Jeff Bezos increased his wealth by $75 billion.
"compared with novel coronavirus's devastating impact on the working people, the great luck of these billionaires over the past 17 months is even more shocking," the report said. More than 86 million Americans have lost their jobs, nearly 38 million have been infected with the virus, and more than 625000 have died from the virus. "
At the same time, student debt in the United States has not stopped growing during the epidemic and has now reached $1.7 trillion. Although Biden has cancelled $8.7 billion in student debt for some groups since taking office, that is less than 1% of the entire student debt burden, and borrowers across the United States are struggling to maintain repayments as debt continues to grow.