THE past three months have been financially painful for many Americans — but not for billionaires.

U.S. billionaires have become US$565 billion richer since March 18, according to a report published Thursday by the Institute for Policy Studies, a progressive think tank.

Total wealth for billionaires now stands at US$3.5 trillion, up 19 percent from the low point near the beginning of the pandemic, the report said. Amazon boss Jeff Bezos alone is worth US$36.2 billion more than he was on March 18.

Since that day, nearly 43 million Americans have filed for initial unemployment benefits. Lower-income workers, especially in travel and service-sector jobs, have been hit particularly hard by the health crisis.

The numbers put an exclamation point on the deep divide between haves and have-nots that is helping to fuel unrest across the U.S. Wealth inequality is likely to get even worse because of this crisis, experts say.

The acceleration of wealth for the richest Americans is being driven by the remarkable recovery of the stock market, which has skyrocketed in large part because of unprecedented action from the Federal Reserve.

Despite the turmoil on the streets of U.S. cities and a record 43 million Americans filing for unemployment benefits, the NASDAQ is on the cusp of hitting record highs — an astonishing feat that underscores how quickly Wall Street has rebounded.

Large tech companies aren’t just surviving during the pandemic — many of them are thriving. The crisis has made Amazon, for instance, even more essential than it already was. (SD-Agencies)