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10 Richest Americans Have Gained $700 Billion in Wealth Since Trump Reelection
"The new American oligarchy is here," said the CEO of Oxfam America. "Billionaires and mega-corporations are booming while working families struggle to afford housing, healthcare, and groceries."
Nov 03, 2025
New research published Monday shows that the 10 richest people in the United States have seen their collective fortune grow by nearly $700 billion since President Donald Trump secured a second term in the White House and rushed to deliver more wealth to the top in the form of tax cuts.
The billionaire wealth surge that has accompanied Trump's return to power is part of a decades-long, policy-driven trend of upward redistribution that has enriched the very few and devastated the working class, Oxfam America details in Unequal: The Rise of a New American Oligarchy and the Agenda We Need.
Between 1989 and 2022, the report shows, the least rich US household in the top 1% gained 987 times more wealth than the richest household in the bottom 20%.
As of last year, more than 40% of the US population was considered poor or low-income, Oxfam observed. In 2025, the share of total US assets owned by the wealthiest 0.1% reached its highest level on record: 12.6%.
The Trump administration—in partnership with Republicans in Congress—has added rocket fuel to the nation's out-of-control inequality, moving "with staggering speed and scale to carry out a relentless attack on working-class families" while using "the power of the office to enrich the wealthy and well-connected," Oxfam's new report states.
"The data confirms what people across our nation already know instinctively: The new American oligarchy is here," said Abby Maxman, president and CEO of Oxfam America. "Billionaires and mega-corporations are booming while working families struggle to afford housing, healthcare, and groceries."
"Now, the Trump administration and Republicans in Congress risk turbocharging that inequality as they wage a relentless attack on working people and bargain with livelihoods during the government shutdown," Maxman added. "But what they're doing isn't new. It's doubling down on decades of regressive policy choices. What's different is how much undemocratic power they've now amassed."
"Today, we are seeing the dark extremes of choosing inequality for 50 years."
Oxfam released its report as the Trump administration continued to illegally withhold federal nutrition assistance from tens of millions of low-income US households just months after enacting a budget law that's expected to deliver hundreds of billions of dollars in tax breaks to ultra-rich Americans and large corporations.
Given the severity of US inequality and ongoing Trump-GOP efforts to make it worse, Oxfam stressed that a bold agenda "that focuses on rebalancing power" will be necessary to reverse course.
Such an agenda would include—but not be limited to—a wealth tax on multimillionaires and billionaires, a higher corporate tax rate, a permanently expanded child tax credit, strong antitrust policy that breaks up corporate monopolies, a federal job guarantee, universal childcare, and a substantially higher minimum wage.
"Today, we are seeing the dark extremes of choosing inequality for 50 years," Elizabeth Wilkins, president and CEO of the Roosevelt Institute, wrote in her foreword to the report. "The policy priorities in this report—rebalancing power, unrigging the tax code, reimagining the social safety net, and supporting workers' rights—are all essential to creating that more inclusive and cohesive society. Together, they speak to our deepest needs as human beings: to live with security and agency, to live free from exploitation."
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Richest 0.1% Overwhelmingly Guilty of the 'Climate Plunder' Wrecking Planet Earth
"The very richest individuals in the world are funding and profiting from climate destruction, leaving the global majority to bear the fatal consequences of their unchecked power."
Oct 29, 2025
A report released Tuesday showed that the wealthiest people on the planet are disproportionately fueling the climate emergency that is intensifying weather catastrophes like Hurricane Melissa, which slammed Cuba on Wednesday after leaving a trail of devastation in Jamaica.
The Oxfam International report, titled Climate Plunder: How a Powerful Few Are Locking the World Into Disaster, features updated figures showing that the consumption-based carbon emissions of the richest 0.1% of the global population grew by 92 tonnes between 1990 and 2023, while the emissions of the poorest half of humanity grew by just 0.1 tonnes.
"A person from the world's richest 0.1% emits over 800kg of CO2 every day. Even the strongest person on earth could not lift this much," the report notes. "In contrast, someone from the poorest 50% of the world emits an average of just 2kg of CO2 per day, which even a small child could lift."
"A person in the top 0.1% emits more in a day than a person in the poorest 50% emits all year," the report adds.
The destruction caused by Hurricane Melissa—the most powerful storm on Earth this year and the strongest to ever hit Jamaica—underscored the extent to which vulnerable nations are bearing the brunt of a crisis they did little to cause as wealthy countries and individuals continue to spew planet-warming emissions with abandon.
Jamaica, where the true extent of the damage from Melissa is only just beginning to emerge, is responsible for an estimated 0.02% of global greenhouse gas emissions, according to the latest available data.
"The climate crisis is an inequality crisis," said Oxfam executive director Amitabh Behar. "The very richest individuals in the world are funding and profiting from climate destruction, leaving the global majority to bear the fatal consequences of their unchecked power."
"We must break the chokehold of the super-rich over climate policy by taxing their extreme wealth."
Oxfam's report was published less than two weeks before the start of COP30 in Belém, Brazil, where world leaders will gather once again to weigh climate solutions after years of failing to reach an agreement to curb fossil fuel production and use.
In its new report, Oxfam implores governments to target the emissions of the ultra-wealthy, including through "climate-specific taxes" such as "frequent flyer levies and taxes on luxury travel."
"It is a travesty that power and wealth have been allowed to accumulate in the hands of a few, who are only using it to further entrench their influence and lock us all into a path to planetary destruction," said Behar. "We must break the chokehold of the super-rich over climate policy by taxing their extreme wealth, banning their lobbying, and instead put those most affected by the climate crisis in the front seat of climate decision-making."
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'Inequality by Design': EU Billionaire Wealth Soared by Over €400 Billion in 6 Months
“Europe is minting billionaires at a record rate while millions of Europeans are struggling to make ends meet," said one tax expert.
Oct 09, 2025
A worsening inequality crisis in the European Union—where the richest people pay proportionately less tax than ordinary citizens even as billionaire wealth is skyrocketing—is driving increasingly popular demand for a wealth tax, according to a report published Thursday.
The Oxfam briefing paper, A European Agenda to Tax the Superrichch, notes that "the richest 1% in the EU own nearly a quarter of all wealth while half the population shares just 3%."
The report underscores that the combined wealth of EU billionaires soared by over €400 billion ($462.2 billion) in just six months this year—the equivalent of over €2 billion ($2.3 billion) a day.
"In 2025, the EU counted nearly 500 billionaires, 39 more than in 2024," Oxfam said. "In the last year alone, a new billionaire was created, on average, every nine days in the EU. Altogether, the richest 3,600 Europeans now hold as much wealth as the poorest 181 million—equivalent to the populations of Germany, Italy, and Spain combined."
“Europe is minting billionaires at a record rate while millions of Europeans are struggling to make ends meet,” Oxfam EU tax expert Chiara Putaturo said in a statement Thursday. “This inequality is not by accident, it is by design.”
📢 EU Billionaires’ wealth surges by over €400bn in first half of 2025.That’s over €2bn a day.🔗https://www.oxfam.org/en/press-releases/eu-billionaires-wealth-surges-over-eu400-billion-first-half-2025#TaxTheRich
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— Oxfam EU (@oxfameu.bsky.social) October 8, 2025 at 10:27 PM
As the report notes:
Over recent decades, EU countries have slashed taxes for the richest people and corporations, while leaving ordinary people to pay the price. Today, over 80% of tax revenue in the EU comes from taxes that fall primarily on ordinary citizens, while the wealthiest can exploit loopholes, tax havens, and special regimes to pay lower effective tax rates than nurses and teachers. In Belgium, for example, members of the richest 1% contribute just 23% tax of their incomes, which is half of what the average person contributes.
"Decades of tax cuts for the wealthy and corporations resulted in the superrich paying proportionally less taxes than ordinary citizens, eroding fairness, democracy, and social cohesion," the report states. "The EU lacks harmonized policies to curb extreme wealth concentration and tax avoidance of the wealthiest."
"Oxfam calls for bold reforms, such as an EU-wide or national tax on the superrich and transparency mechanisms like an EU assets registry, to fund social needs, climate action, and development," the publication adds. "Taxing the superrich is widely supported, is feasible, and is urgent."
The report contends that an EU-wide wealth tax of up to 5% on millionaires and billionaires could potentially bring in €286.5 billion ($331.3 billion) in yearly revenue, "enough to cover the annual needs of the new EU long-term budget proposal," while ending "harmful and wasteful" tax policies favoring the superrich would recover nearly €4 billion ($4.6 billion) annually.
While wealth taxes have been proposed in a number of European countries, including France—which according to The Economist has more billionaires than any other country in the EU—only Norway, Spain, and Switzerland have enacted a net wealth tax, according to Tax Foundation Europe.
After France's political crisis deepened this week with the resignation of another prime minister, French economist Gabriel Zucman—known globally for advocating for a wealth tax of at least 2%—called out his country's last three PMs for not taking the proposal seriously. He noted that “there is a very strong demand among the population for greater tax fairness and better taxation of the ultrarich.”
France has more billionaires than any country in the EU. A new tax on their income is a popular idea. But doing so might not bring in all that much cash econ.st/4nkboVU
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— The Economist (@economist.com) September 30, 2025 at 8:00 AM
The Equals podcast and Belgian-Dutch philosopher Ingrid Robeyns on Thursday explored the benefits of a wealth cap.
"The idea of a poverty line is pretty well understood. No one should have so little that they can’t afford a roof over their head or go to bed hungry at night," Equals Bulletin said. "But billions of people around the world can’t afford these basics, despite the wealth increase of billionaires over the last decade being enough to end poverty 22 times over."
Embracing the concept of a wealth cap, the publication explained: "It’s about ensuring the needs of people and planet are met so everyone can flourish. You don’t have to be a communist to agree with a wealth cap, nor does it necessarily mean rejecting a market-based economy."
New EQUALS episode is out.We ask, How Much Wealth is Too Much?Philosopher @ingridrobeyns.bsky.social explains why we need a wealth limit & how billionaires are quietly breaking democracy.🎧 Listen here 👉 www.equals.ink/p/how-much-w...
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— EQUALS (@equalshope.bsky.social) October 7, 2025 at 7:42 AM
How much wealth is too much? Equals cited a New Economics Foundation (NEF)/Patriotic Millionaires survey published earlier this year in which one-third of millionaires said that the "extreme wealth line"—the point beyond which their fortune is considered harmful to society and the environment—should be set at $10 million.
"Society needs novel approaches to bring this complex topic to life," NEF's Fernanda Balata and Hollie Wright said at the time, "including narratives and practical tools more apt to address the vast cultural, moral, economic, and social barriers to tackling extreme wealth."
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