Stimulus helped Billionaires Become Trillionaires
Billionaires have benefited from stimulus, pushing them into trillions of dollars.
According to reports, A loophole in March’s legislation allowed millionaires to benefit to the tune of about $1.7 million from the government. A further 133 large companies have since received $5 billion from the Treasury Department.
Stimulus packages in the UK worth over £16 billion ($20.6 billion) have gone directly into billionaire-owned companies, data in June revealed.
On the brighter side these billionaires are not just keeping it to themselves. Forbes reported that Billionaires have been donating more than ever.
CNBC reported that 50 of the wealthiest Billionaires had donated back in June of 2020. Many who have donated have not announced it.
Gates, who’s been one of the most outspoken public figures from the beginning of the pandemic, has donated roughly $300 million through the Bill and Melinda Gates Foundation. That translates into about $283 for the median American.
One of the highest donations were given by Hedge fund manager Ray Dalio. He’s given more than $100 million of his $18 billion fortune, or about $589 for the median American.
So what else are Billionaires doing with their top dollars?
Some of the donators were asked what they would do with their money for the next 12 months. The majority response was “succession planning.” Philanthropy was in sixth place, with only a quarter saying they planned to “give more” over the next 12 months.
Yet with 7.2 billion being donated during Covid 19 statistics show that is only .3% of the total billionaire wealth among 209 billionaires.
If another stimulus is passed this could help the Billionaires who may in turn help with more donations.
According to Forbes these statistics are necessary to encourage the government to help out more and possibly persuade more donations by billionaires for a greater cause.