Jeff Bezos and Elon Musk increased their wealth by $217 billion in 2020.| The Readers Time |

The Readers Time

January 5, 2021

Jeff Bezos and Elon Musk alone increased their net worth by $217 billion last year, according to Bloomberg. 

For this amount, more than 100 million Americans can receive $2,000 checks. 

Collectively, the net worth of the world’s 500 richest people rose to about $1.8 trillion, a 31% increase that represents the largest annual gain in the eight years that Bloomberg has tracked these figures.

While many Americans were economically upended by the coronavirus pandemic, and now await a decision from Congress on whether they’ll receive a $2,000 stimulus check soon, the world’s richest people had raked in record gains in 2020. 

The Readers Times analysis found that last year, Jeff Bezos and Elon Musk collectively increased their net worth by $217 billion last year, an amount that could cut $2,000 checks for more than 100 million Americans.

These figures come as millions of people in the United States remain jobless because of the economic devastation brought on by the coronavirus pandemic. 

Congress in March passed the first coronavirus stimulus package, which included $1,200 in direct payments to Americans. It was an attempt to offset the financial ruin after small businesses nationwide were shuttered to curtail the spread of the virus. 

Americans waited nine months to receive a second stimulus check. In December, Congress finally reached a deal on the second stimulus relief package, an agreement that included $600 checks to taxpayers.

The Readers Time
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