Wall Street's best year ever? Why the pandemic has been great for billionaires.
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The bifurcated economy that took shape in the wake of the Covid-19 pandemic destroyed the lives, savings and small businesses of innumerable Americans, but the year wasn’t a financial washout for everyone. Limited time: Save 25% on NBC News subscription Get exclusive reporting, live Q&As and ad-free reading. Between roughly mid-March and Dec. 22, the United States gained 56 new billionaires, according to the Institute for Policy Studies, bringing the total to 659.
AI Summary
Main Idea: The pandemic drove a huge rise in wealth for Jeff Bezos, Elon Musk, Amazon, and other top stock market winners, while many small businesses and workers were left behind.
Key Points:
- The U.S. added 56 new billionaires between mid-March and late December, bringing the total to 659.
- Billionaire wealth rose by more than $1 trillion during the pandemic, with the richest 10 people worth over $1 trillion combined.
- Easy Federal Reserve policy and a market shift toward digital business helped big tech and other large companies gain even more value.
- Small businesses lost ground as many shut down for good, widening the gap between Wall Street winners and Main Street losers.
Impact on the People
Negative Impact
Pandemic gains for Amazon and other giants can widen wealth gaps, squeeze small businesses, and leave workers and households without stock holdings behind.
Positive Impact
Rising stock prices can lift retirement accounts and pension funds for many Americans who do own market assets.
How did each entity affect people?
Rate how each entity in this article affected the American people.
- Major:Elon Muskperson
- Major:Federal Reservegovernment agency or body
- Major:Jeff Bezosperson
Candidate Entities10 candidates · 5 weighted vote min · 70% decision
- Elon MuskpersonMajorEvaluated
Named as a leading billionaire whose wealth increased during the period covered.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Federal Reservegovernment agency or bodyMajorEvaluated
Central policy actor whose emergency intervention and low-rate stance are described as a key driver of market gains.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Jeff BezospersonMajorEvaluated
One of the best-known billionaires discussed as a major beneficiary of the pandemic-era wealth surge.
Include 0 (0%)Ignore 0 (0%)5 to threshold - AirbnbcompanyMajorAI selected
Named as a major IPO beneficiary of the stay-at-home economy and part of the article’s core business examples.
Include 0 (0%)Ignore 0 (0%)5 to threshold - AmazoncompanyMajorAI selected
Central company tied to Jeff Bezos’s wealth gains and the market forces discussed in the article.
Include 0 (0%)Ignore 0 (0%)5 to threshold - DoorDashcompanyMajorAI selected
Named as a major IPO beneficiary of the stay-at-home economy and part of the article’s core business examples.
Include 0 (0%)Ignore 0 (0%)5 to threshold - MacKenzie ScottpersonMajorAI selected
Highlighted as a prominent billionaire whose net worth rose sharply after the pandemic began.
Include 0 (0%)Ignore 0 (0%)5 to threshold - SnowflakecompanyMajorAI selected
Named as a high-valued IPO whose executives are among the new 2020 billionaires discussed.
Include 0 (0%)Ignore 0 (0%)5 to threshold
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