COVID- 19 destroys fortunes of 500,000 United States millionaires

The coronavirus pandemic which has resulted into financial and health crises has economically affected a good number of US millionaires.

Towards the end of year 2019, research showed that America recorded about 11 million millionaires from the historic 11 year economic expansion and tax cuts including the ultra low interest rates.

However, the number of millionaires in the US above that threshold has dropped by at least 500,000 as of Friday, 19th of March, 2020. Many American millionaires have felt the effects of the stock market free fall because they own more equity than the overall population.

A Federal Reserve data stated that, “The top 1 percent households owned 53.5 percent of equities and mutual fund shares.”

“The losses affect the millionaires of all levels, ranging from those who own more than I million USD to those having more than 25 million USD,” the report added.

According to Bloomberg Billionaire Index, the wealthiest in the world have seen incredible losses with the worlds 500 richest people parting away with almost 1.3 trillion USD in loss, since the start of the year – a percentage close to 21.6 of their collective net worth.