Top 10 Wealthiest Americans Increase Wealth by $700 Billion Since Trump’s Election
Recent analysis reveals that the ten wealthiest individuals in the United States have collectively increased their fortunes by nearly $700 billion since Donald Trump was elected for a second term. This surge is part of a long-standing trend driven by policies that favor the wealthy, as detailed in a new report by Oxfam America.
The Rise of Billionaire Wealth
The report, titled “Unequal: The Rise of a New American Oligarchy and the Agenda We Need,” highlights the ongoing issue of wealth distribution in the country. It notes that from 1989 to 2022, the wealth gained by the least affluent US household in the top 1% was 987 times greater than that of the wealthiest household in the bottom 20%. Alarmingly, over 40% of the US population is now considered poor or low-income.
Key Statistics
- Increase in Wealth: Top 10 wealthiest Americans gained nearly $700 billion since Trump’s re-election.
- Wealth Disparity: The least wealthy in the top 1% gained 987 times more than the richest in the bottom 20% from 1989 to 2022.
- Poverty Rate: Over 40% of Americans are classified as poor or low-income.
- Wealth Concentration: In 2025, the wealthiest 0.1% owned a record 12.6% of total US assets.
Policy Implications
Oxfam criticizes the Trump administration and its Congressional allies for exacerbating inequality through tax cuts and corporate welfare. According to Oxfam’s president, Abby Maxman, there is an urgent need to address these imbalances. “Today, the new American oligarchy is evident. Billionaires thrive while working families struggle,” Maxman stated.
The report suggests that the current political landscape risks further widening the wealth gap as economic policies disproportionately favor the rich, especially during a government shutdown that impacts vital social programs.
Proposed Solutions
In light of growing inequality, Oxfam advocates for a bold policy agenda aimed at rebalancing power in the economy. Key recommendations include:
- Implementation of a wealth tax for multimillionaires and billionaires.
- Increased corporate tax rates.
- Permanently expanded child tax credits.
- Stronger antitrust policies to dismantle corporate monopolies.
- A federal job guarantee and universal childcare.
- Significant increases to the minimum wage.
Elizabeth Wilkins, CEO of the Roosevelt Institute, emphasized the importance of these reforms, stating, “The policy priorities outlined are critical for fostering a more inclusive society.”
The report serves as a call to action, urging policymakers to address the stark realities of economic inequality and the adverse effects of longstanding regressive policies.
