Global Billionaires' Wealth Increase By $4 Trillion During The Pandemic

As the S&P 500 and DJIA soared to new closing records on Monday even as New York State is reportedly on track to adopt a groundbreaking state wealth tax (the latest effort by Gov. Andrew Cuomo to distract from the twin scandals over sexual harassment of female aides and his office's efforts to cover up the number of COVID deaths in the state's nursing homes), the Institute for Policy Studies has published the results of its latest review of billionaire wealth. Unsurprisingly, given the tremendous rally in asset prices over the past year, the 2,365 billionaires living on planet earth have seen their wealth increase by a collective $4 trillion - a 54% increase over the span of a year. Put another way, total wealth held by billionaires ballooned to $12.39 trillion, up from $8.04 trillion.-- More...