Sanders Lays Out Plan to Fight Oligarchy as Wealth of Top Billionaires Passes $10 Trillion

A Bloomberg analysis of billionaire wealth published Tuesday found that the combined fortunes of the 500 richest people on the planet surpassed $10 trillion this year, a finding that came shortly after U.S. Sen. Bernie Sanders issued an urgent call to action to prevent the emergence of "an oligarchic and authoritarian society."

The new analysis notes that the world's top 500 billionaires "got vastly richer" this year with the help of "an indomitable rally in U.S. technology stocks."

Just eight billionaires—Elon Musk, Mark Zuckerberg, Jensen Huang, Larry Ellison, Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin—added more than $600 billion to their collective wealth in 2024 and accounted for 43% of the $1.5 trillion increase in net worth among the world's 500 richest people, according to Bloomberg.

"But it was Musk—the so-called 'first buddy' of President-elect Donald Trump after unprecedented support for his reelection campaign—who dominated the world's wealthiest in 2024," Bloomberg observed, adding that Trump himself also saw his fortune surge to a record high this year, "boosted by the performance of his majority stake in Trump Media & Technology Group Corp."

Musk's use of his enormous fortune to influence the U.S. political system—including via his purchase of one of the world's largest social media platforms and donations to Trump's 2024 campaign—amplified existing concerns about the corrosive impact of massive wealth concentration on democracy.

And wealth inequality in the U.S. could soon get worse, with Trump and the incoming Republican-controlled Congress set to pursue another round of tax cuts for the ultra-rich and large corporations.

"They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future."

In an email to supporters on Monday, Sanders (I-Vt.) called the rapid shift toward oligarchy in the U.S. "the defining issue of our time," warning that billionaires have come to increasingly dominate not only "our economic life, but the information we consume and our politics as well."

"A manifestation of the current moment is the rise of Elon Musk, and all that he stands for," Sanders wrote, pointing to Musk's outsize influence on the 2024 election and his key role in shaping Trump's billionaire-dominated Cabinet.

"But it's not just Musk. Billionaire owners of two major newspapers overrode their editorial boards' decisions to endorse Kamala Harris, while many others are kissing Trump's ring by making large donations to his inauguration committee slush fund," the senator continued. "They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future."

Progressives, Sanders wrote, have a "radically different vision," one that prioritizes "an economic system based on the principles of justice," "a vibrant democracy based on one person, one vote," and making "healthcare a human right."

"Even though we are not going to succeed in achieving that vision in the immediate future with Trump as president and Republicans controlling Congress, it is important that vision be maintained and we continue to fight for it," wrote Sanders.

Since Trump's victory in the 2024 election, Sanders has focused heavily on the need to organize the working class to combat the threat posed by Musk and other far-right billionaires who have amassed obscene wealth and political power.

In his email on Monday, the senator said he intends to "travel, organize, hold events, and create content that reaches people where they are" in the coming weeks as part of the "struggle to determine where we go from here."

"Will this effort be easy?" asked Sanders. "No, of course it will not. Can it be done? We have no choice. If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time. Despair is not an option. We are fighting not only for ourselves. We are fighting for our kids and future generations, and for the well-being of the planet."