Coronavirus Crisis Prompts Loss Of 500K US Millionaires In Record Time
While 2019 left us with an unprecedented 11 million American millionaires, at least 500,000 of those in the US have lost their fortunes in record time amid the crippling coronavirus crisis, as of Friday (Apr 10). President Donald Trump is among those, losing at least $1 billion in net worth.
Since most of America’s richest persons own more equity than the overall population, they’re more liable to feel the brunt of a stock-market-free-fall. Currently, the top 1 percent owns 53.5 percent of equities and mutual fund shares, per the Federal Reserve.
RELATED: Donald Trump Loses $1B In Net Worth Due To Coronavirus
Bloomberg Billionaire Index also reports that the world’s 500 richest people have lost close to $1.3 trillion since January; nearly a 21.6 percent decline their collective net worth. It’s noted that the losses have affected those who own at least $1 million to over $25 million.
Additionally, Goldman Sachs noted that the COVID-19 crisis prompted a record 2.25 million job losses. The report is supported by steadily-increasing number of unemployment applications.
RELATED: 6.6 Million More Americans File For Unemployment Amid COVID-19 Financial Crisis
As of Thursday (Apr 9), the Labor Department reported at least 281,000 new filings since the week ending March 14, nearing 6.6 million; this is the highest its seen since June 2017, and expected to continue climbing.