Since the start of the COVID-19 pandemic, the press has run stories about billionaires seeing their wealth vanish.

In late February, even before the outbreak forced mass closures and disruption, Bloomberg reported that the world’s richest had lost a total of $444 billion. Later on, Barron’s put the number at $408 billion over just two months.

In its annual spring survey of global billionaires, published April 7, Forbes pegged the pandemic as a great equalizer. “The world’s richest are not immune to the devastating impact of the coronavirus,” noted Kerry Dolan, Forbes assistant managing editor of wealth.

Read the full article at The Progressive.

Chuck Collins directs the Program on Inequality and the Common Good at the Institute for Policy Studies, where Omar Ocampo is a researcher.  

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