Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

Bill Gates and Warren Buffett speak with journalist Charlie Rose at an event organized by Columbia Business School on January 27, 2017 in New York City. (Photo: Spencer Platt/Getty Images)

World's 500 Richest People Gained $1.2 Trillion in Wealth in 2019: Analysis

"In the U.S., the richest 0.1% control a bigger share of the pie than at any time since 1929."

Jake Johnson

The 500 richest people in the world, all of whom are billionaires, gained a combined $1.2 trillion in wealth in 2019, further exacerbating inequities that have not been seen since the late 1920s.

That's according to a new Bloomberg analysis published Friday, which found that the planet's 500 richest people saw their collective net worth soar by 25 percent to $5.9 trillion over the last year.

"In the U.S., the richest 0.1 percent control a bigger share of the pie than at any time since 1929," Bloomberg noted. "The 172 American billionaires on the Bloomberg ranking added $500 billion, with Facebook Inc.'s Mark Zuckerberg up $27.3 billion and Microsoft Corp. co-founder Bill Gates [rising] $22.7 billion."

According to the Bloomberg Billionaires Index, eight of the 10 richest people in the world are from the U.S.

Amazon CEO Jeff Bezos lost nearly $9 billion in wealth in 2019, according to Bloomberg, but he will still likely end the year as the richest man in the world with a total net worth of $116 billion.

The analysis comes as 2020 Democratic presidential candidates, particularly Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), have made tackling inequality a key component of their policy platforms.

Warren has proposed an annual two percent tax on assets over $50 million and a three percent tax on assets above $1 billion.

Sanders, who has said he does not believe billionaires should exist, is calling for a wealth tax that would slash the fortunes of U.S. billionaires in half over 15 years, according to his campaign.

"A small handful of billionaires should not be able to accumulate more money than they could spend in 10 lifetimes," Sanders said in September, "while millions of Americans are living in poverty and dying because they can't afford healthcare."


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.

'People Power Has Won The Day': Manchin Dirty Deal Defeated

The win was the result of "hundreds of national and grassroots organizations, along with concerned Americans from coast to coast, working together for the health and safety of frontline communities and a livable future for the planet," said one campaigner.

Jessica Corbett ·


Emissions Unleashed by Manchin Deal Would 'Wipe Out' Any Climate Gains: Analysis

"This analysis shows that Manchin's dirty deal directly undercuts the potential carbon savings of the IRA by fast-tracking fossil fuel projects currently waiting on permits," said Fossil Free Media's Jamie Henn.

Jessica Corbett ·


Florida Told to Brace for Deadly Impact as Ian Expected to Become Category 4 Hurricane

The Tampa Bay area has long been a "sitting duck for catastrophic storm surge and has dodged several bullets," said one climate scientist. "Might not be so lucky this time."

Brett Wilkins ·


Progressives Applaud Biden for Lowering Medicare Part B Premiums

"Democrats want to expand Social Security and Medicare," said one advocate. "Republicans want to cut, privatize, and ultimately end both programs."

Kenny Stancil ·


Suit Against Student Debt Relief Slammed as 'Transparently Frivolous Publicity Stunt'

"Why would this group bring this baseless claim?" asked the White House. "Because opponents of the debt relief plan are trying anything they can to stop this program that will provide needed relief to working families."

Julia Conley ·

Common Dreams Logo