Top 12 U.S. Billionaires Surpassed A Combined Wealth of $1 Trillion: First Time In U.S. History

[appalachiablue]

Last edited Tue Aug 18, 2020, 11:09 AM - Edit history (2)

'Twelve US Billionaires Have a Combined $1 Trillion.' A disturbing mildeston in the concentration of US wealth. By Chuck Collins, Omar Ocampo, Institute for Policy Studies, Aug. 17, 2020. - Originally in Inequality.org. - Ed.:

For the first time in U.S. history, the top 12 U.S. billionaires surpassed a combined wealth of $1 trillion. On Thursday, August 13th, these 12 had a combined $1.015 trillion. This is simply too much economic and political power in the hands of 12 people, and is a disturbing milestone in the history of concentrated wealth and power in the U.S. From the point of view of a democratic self-governing society, this represents an Oligarchic Twelve or a Despotic Dozen.

The Oligarchic Dozen are Jeff Bezos ($189.4b), Bill Gates ($114b), Mark Zuckerberg ($95.5b), Warren Buffett ($80b), Elon Musk ($73b), Steve Ballmer ($71b), Larry Ellison ($70.9b), Larry Page ($67.4b), Sergey Brin ($65.6b), Alice Walton ($62.5b), Jim Walton ($62.3b) and Rob Walton ($62b).

Since March 18th, the beginning of the pandemic, these Oligarchic Dozen have seen their combined wealth increase $283 billion, an increase of almost 40 percent. Elon Musk has been the biggest pandemic profiteer, seeing his wealth triple from $24.6 billion on March 18th to $73 billion on August 13th, an increase of $48.5 billion, or 197 percent.

Amazon co-founder Jeff Bezos was worth $189.4 billion on August 13th, up $76 billion, or 68 percent, since March 18th.

Facebook CEO Mark Zuckerberg was worth $95.5 billion on August 13th, up $40.8 billion, or 75 percent, since March 18th.

During the 1st stage of the pandemic, between Jan. 1st and March 18th, the collective wealth of the Oligarchic Dozen declined by $96 billion. But their wealth quickly rebounded and surpassed their March 2019 Forbes The only exception is Warren Buffett, still $2 billion below his March 2019 wealth..
March 18th, 2020 marked the beginning of the Covid-19 lockdown and historic filings for unemployment — and also the intervention of the Federal Reserve with monetary actions to stabilize markets.

Philanthropy is not the answer, as it has become another extension of private power and interests...

More, https://ips-dc.org/twelve-us-billionaires-have-a-combined-1-trillion/

https://ips-dc.org

In Pandemic, Stocks Fuel Billionaire Boom, Millions Out of Work, Global Super Rich Buy High-End Art
https://democraticunderground.com/1016266252

[Karadeniz]

1. Thanks...we need to know these facts.

[argyl]

2. I believe it was around 1970/1975 but there were maybe 17 US billionaires.

I believe John Paul Getty was the wealthiest of them all.
Together they had a combined worth of maybe 21 billion.

This much money accumulated in the hands of so few men is disgusting. I don't believe there should be such a thing as a billionaire. I'm no communist but if someone can't make due on, say, 200/250 million then can can just jump out their penthouse windows.

[appalachiablue]

3. It's gone way too far; JP Getty was huge but peanuts

compared to the new billionaire barons. They know it, and things will improve I sincerely hope. Civilization destroyed and a dead planet doesn't benefit anyone.