The 50 most richest Americans are worth as much as the poorest 165 million

New data uncovered how the COVID-19 pandemic has impacted the finances of the 50 richest Americans versus the rest of the population.

DeMicia Inman

Oct 9, 2020

After COVID-19 shifted society, many citizens were left reimagining their way of life with less. Some saw drastic growth, widening the wealth gap.

Bloomberg Wealth found since the coronavirus pandemic, the 50 richest Americans now hold as much wealth as half the population. The data, from the U.S. Federal Reserve, revealed that through the first half of 2020, there were drastic differences between race, age, and class. Citizens ranked in the top 1% have a combined net worth of $34.2 trillion, and people ranked in the lowest tier, about 165 million people hold just $2.08 trillion, or 1.9% of all household wealth.

Activists March In Manhattan Calling For A Tax On Billionaires — NEW YORK, NEW YORK – JULY 17: People participate in a “March on Billionaires” event on July 17, 2020 in New York City. The march, which included a diverse group of activists, politicians and citizens, called on New York Governor Andrew Cuomo to pass a tax on billionaires and to fund workers excluded from unemployment and federal aid programs. Joining the marchers were dozens of taxis whose drivers have been especially impacted by the drop ridership due to Covid-19. According to data from the Organization for Economic Cooperation and Development, income inequality in the United States is the highest of all G7 nations. (Photo by Spencer Platt/Getty Images)

The outlet noted the 50 richest people in the United States are worth almost $2 trillion, a figure up $339 billion from the beginning of the year. According to the report, the wealthiest 1% own more than 50% of the equity in corporations and in mutual fund shares. The next 9% of the wealthiest own more than a third of equity positions which translates to the top 10% of Americans holding more than 88% of shares.

“The pandemic is further widening divides in wealth and economic mobility,” Fed Chair Jerome Powell said according to Bloomberg. “A long period of unnecessarily slow progress could continue to exacerbate existing disparities in our economy.”

Evictions Continue Despite CDC Moratorium As COVID-19 Ravages U.S. Economy — PHOENIX, ARIZONA – OCTOBER 07: A tenant speaks with a Maricopa County constable who arrived with an eviction order on October 7, 2020 in Phoenix, Arizona. The tenant was able to prove she had paid the rent and the order was withdrawn. (Photo by John Moore/Getty Images)

Differences in age and race are also highlighted through the data. Baby Boomers accounted for the majority of U.S. wealth, twice as much as Generation X’s share and more than 10 times Millennials’ small portion. Millennials, the generation born between 1981 and 1996, control only 4.6% of U.S. wealth although having the largest representation in the workforce with 72 million, according to Bloomberg. The data found three rich millennials personally control one of every $40 obtained by their peers: Facebook founders Mark Zuckerberg and Dustin Moskovitz, and Lukas Walton, the heir to Walmart Inc.

For Black Americans, the amount of wealth controlled as a race has not grown in 30 years. White American households hold 83.9% of the nation’s wealth, compared with 4.1% for Black families. Eric Yuan, the chief executive officer of Zoom Video Communications Inc. is highlighted as the only member of the top 25 richest Americans who is non-white.

theGrio reported the coronavirus pandemic has become an economic issue for Black people as much as a health concern.

“As it pertains to Black people in the United States, we know that we’ve had a higher level of racial disparity in health care since the beginning of time, since we’ve entered this country,” Dr. Cwanza Pinckney said. “And I’m not believing that that’s gonna be any different. It’s already hard to get a test now if you’re in an underserved community.”

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