The US's 644 richest people saw their net worth rise by $931 billion in the seven months to October 13, a survey on Tuesday found.
The 644 billionaires in question saw their net worth rise to $3.88 trillion by October 13, up $930.7 billion from $2.95 trillion from March 18, based on a study by the Institute for Policy Studies and Americans for Tax Fairness that used Forbes data. The US economy suffered the largest contraction in activity among Western nations in the second quarter of the year, shrinking by over 30% after the coronavirus pandemic rendered millions jobless, shuttered businesses, and brought activity to a near halt.
"In the long-term we need major reform that taxes the extraordinary wealth of the billionaires and millionaires and uses that wealth to create an economy that works for all of us," he said.
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