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05/20/2021

Recovery for All or Recovery for the Few? Billionaire Wealth Soars in Connecticut

Connecticut’s 14 Billionaires Seized More than $12.6 Billion in New Wealth — A Record $75.7 Billion in Total Wealth
    Our state is in an unprecedented crisis. Connecticut’s working families are struggling to make ends meet in the worst economic downturn since the Great Depression. Even before the COVID-19 pandemic, Connecticut had nearly the highest rate of income inequality of any state in the country. These issues are especially pronounced in Black and Brown communities, as racial income and wealth gaps across Connecticut are significant, and have only increased in the last year.
     
    Connecticut’s wealthiest residents have amassed unprecedented wealth during the pandemic:
    • Connecticut is home to 14 billionaires who have over $75 billion in combined wealth.
    • While hundreds of thousands of Connecticut’s families struggled to make rent or buy food during the pandemic, these billionaires seized an additional $12.6 billion combined, between March 18, 2020 and May 12, 2021.
    Meanwhile, Connecticut’s working families are struggling with low wages, threats of eviction, food instability, lack of affordable health care, and high levels of unemployment.
     
    Nearly one in ten of Connecticut’s adults don’t have enough to eat and one-third are having difficulty covering their usual expenses. An estimated 45,000 people could face eviction in the state in the coming months alone. Among Connecticut renters who are behind on rent, 61% are people of color. Over 8% of the state’s workforce is still struggling to find work, and Black workers are especially hard hit.
     
    By making billionaires pay their fair share, Connecticut can raise funds to invest in quality education, health care, housing, transit, and other key public goods. This would be an important first step in advancing equity, addressing racial and economic disparities, and generating economic growth across the state as we recover and rebuild from the COVID-19 pandemic. Download the report to learn more →