Report: 8 Michigan billionaires collectively made nearly $3 billion during pandemic
As Michigan’s economy saw a huge spike in joblessness and a collapse in taxes collected, a new report found that Michigan has 8 billionaires who collectively saw their wealth increase by nearly $3 billion over the last three months
The report comes from the Washington DC based organization Americans for Tax Fairness (ATF) and the Institute for Policy Studies,
Using Forbes’ annual billionaires report researchers found that between March 18—the rough start date of the pandemic shutdown,—and June 17, the total net worth of the state’s 8 billionaires rose roughly 9.1% or close to $3 billion dollars.
To put that number into perspective, the $2.8 billion increase in wealth is 27% more than the $2.2 billion budget shortfall for the state in fiscal year 2020 due to the pandemic.
Over the same three-month period, the nation’s 600-plus billionaires saw their combined wealth increase by $584 billion or 20%—rising from $2.948 trillion to $3.531 trillion, based on ATF’s analysis of Forbes data. Meanwhile, the Federal Reserve reported that as of the week of June 10, total U.S. household wealth had shrunk by $6.5 trillion during the first three months of the pandemic.