Breaking: The rich are faring well in the COVID-19 pandemic

You may look at your 401(k) or IRA, then the stock market, and assume that the wealthy — who own the lion's share of stock — have taken a huge hit. You would be wrong, according to a new report from the Institute for Policy Studies, a liberal think tank. Between March 18, when Forbes decided to catalog the wealth of the wealthiest, and April 10, "the combined wealth of America's billionaires increased by $282 billion," topping their 2019 levels, the report found.

The gist of Forbes' article on the world's super-rich "was, 'Hey, the pandemic is really affecting even the billionaires; their wealth is down from last year globally and in terms of the U.S.,'" study co-author Chuck Collins tells Fast Company. "What we found was, wait three weeks and they've now surpassed last year's collective wealth and now they're surging to new heights." Meanwhile, more than 26 million Americans have filed unemployment claims in the past 5 weeks and small businesses are teetering on the edge or closing up shop.

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