The number of millionaires in the United States has dropped by at least 500,000, according to research firm Spectrem Group.
There were 11 million American millionaires at the end of 2019. Coronavirus economic fallout has dropped that number by at least 500,000, according to Spectrem.
The destruction in wealth for people at the very top has been especially high, since the wealthy are more likely to own equities than the overall population. According to Federal Reserve statistics, the top 1% of households owned 53.5% of equities and mutual fund shares at the end of 2019.
The world's 500 richest people have lost almost $1.3 trillion since the beginning of the year — equal to a 21.6% decline in their collective net worth — according to the Bloomberg Billionaires Index. The 180 Americans on the ranking have lost $433 billion.
The fallout for the coronavirus has also deeply impacted the poor and working classes. Federal Reserve Bank of St. Louis President James Bullard said the U.S. unemployment rate may hit 30% in the second quarter.