SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Gwynne Shotwell, the billionaire president of SpaceX, is joined by SpaceX executives and employees as they ring the opening bell at the Nasdaq MarketSite to celebrate the launch of the company's initial public offering in New York on June 12, 2026.
(Photo by Timothy Clary/AFP via Getty Images)
Supercharged by Trump-GOP Tax Cuts, US Billionaire Wealth Surges Past $9 Trillion for First Time
"This broken political and economic system takes from the vast majority of Americans and consolidates wealth in the hands of a privileged few. It cannot stand."
Jun 16, 2026
The collective wealth of US billionaires reached a record $9.24 trillion this month—an increase of around $2.2 trillion compared to the same time last year—while millions of Americans struggled to afford groceries, healthcare, and other basic necessities as inflation driven by President Donald Trump's illegal Iran war eroded their wages.
Americans for Tax Fairness (ATF) published an analysis Tuesday detailing the explosion of billionaire wealth and noting that "over the last 12 months, US GDP (unadjusted for inflation) rose just 6%, meaning this wealth expansion is not trickling down to broad-based prosperity." AFT's billionaire wealth total includes the net worth of Elon Musk, who reached trillionaire status last week with the public debut of his rocket company, SpaceX.
According to AFT's analysis of Forbes data, Musk's wealth has grown by nearly 205%—roughly $863 billion—over the past year. Larry Page, the co-founder of Google, is the second-wealthiest billionaire in the US, with a net worth of roughly $301 billion—up 118% compared to last year.
In addition to the growing chasm between the richest Americans and everyone else, AFT observed that wealth is increasingly concentrated at the very top even among the wealthiest, whose fortunes are largely tied up in stock appreciation that is not taxed unless shares are sold.
"America’s 15 centi-billionaires and now one trillionaire alone make up 43% of all billionaire wealth—an astounding $4 trillion—and their wealth is growing over twice as fast as fellow billionaires in the past year," the group noted. "Just these top 16 billionaires hold more wealth today than every US billionaire combined in September of 2020, less than six years ago."
AFT attributed skyrocketing billionaire wealth in part to tax cuts that Trump and congressional Republicans showered on the ultra-wealthy in 2017 and again in 2025.
"Nearly halfway into Trump’s second administration’s second year in office, with GOP majorities in the House and Senate, the ultra-wealthy and billionaires have been rewarded with massive tax giveaways and policies funded with cuts to affordability programs that has resulted in millions losing access to healthcare and food," David Kass, ATF's executive director, said in a statement.
"This broken political and economic system takes from the vast majority of Americans and consolidates wealth in the hands of a privileged few," Kass added. "It cannot stand.”
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
The collective wealth of US billionaires reached a record $9.24 trillion this month—an increase of around $2.2 trillion compared to the same time last year—while millions of Americans struggled to afford groceries, healthcare, and other basic necessities as inflation driven by President Donald Trump's illegal Iran war eroded their wages.
Americans for Tax Fairness (ATF) published an analysis Tuesday detailing the explosion of billionaire wealth and noting that "over the last 12 months, US GDP (unadjusted for inflation) rose just 6%, meaning this wealth expansion is not trickling down to broad-based prosperity." AFT's billionaire wealth total includes the net worth of Elon Musk, who reached trillionaire status last week with the public debut of his rocket company, SpaceX.
According to AFT's analysis of Forbes data, Musk's wealth has grown by nearly 205%—roughly $863 billion—over the past year. Larry Page, the co-founder of Google, is the second-wealthiest billionaire in the US, with a net worth of roughly $301 billion—up 118% compared to last year.
In addition to the growing chasm between the richest Americans and everyone else, AFT observed that wealth is increasingly concentrated at the very top even among the wealthiest, whose fortunes are largely tied up in stock appreciation that is not taxed unless shares are sold.
"America’s 15 centi-billionaires and now one trillionaire alone make up 43% of all billionaire wealth—an astounding $4 trillion—and their wealth is growing over twice as fast as fellow billionaires in the past year," the group noted. "Just these top 16 billionaires hold more wealth today than every US billionaire combined in September of 2020, less than six years ago."
AFT attributed skyrocketing billionaire wealth in part to tax cuts that Trump and congressional Republicans showered on the ultra-wealthy in 2017 and again in 2025.
"Nearly halfway into Trump’s second administration’s second year in office, with GOP majorities in the House and Senate, the ultra-wealthy and billionaires have been rewarded with massive tax giveaways and policies funded with cuts to affordability programs that has resulted in millions losing access to healthcare and food," David Kass, ATF's executive director, said in a statement.
"This broken political and economic system takes from the vast majority of Americans and consolidates wealth in the hands of a privileged few," Kass added. "It cannot stand.”
The collective wealth of US billionaires reached a record $9.24 trillion this month—an increase of around $2.2 trillion compared to the same time last year—while millions of Americans struggled to afford groceries, healthcare, and other basic necessities as inflation driven by President Donald Trump's illegal Iran war eroded their wages.
Americans for Tax Fairness (ATF) published an analysis Tuesday detailing the explosion of billionaire wealth and noting that "over the last 12 months, US GDP (unadjusted for inflation) rose just 6%, meaning this wealth expansion is not trickling down to broad-based prosperity." AFT's billionaire wealth total includes the net worth of Elon Musk, who reached trillionaire status last week with the public debut of his rocket company, SpaceX.
According to AFT's analysis of Forbes data, Musk's wealth has grown by nearly 205%—roughly $863 billion—over the past year. Larry Page, the co-founder of Google, is the second-wealthiest billionaire in the US, with a net worth of roughly $301 billion—up 118% compared to last year.
In addition to the growing chasm between the richest Americans and everyone else, AFT observed that wealth is increasingly concentrated at the very top even among the wealthiest, whose fortunes are largely tied up in stock appreciation that is not taxed unless shares are sold.
"America’s 15 centi-billionaires and now one trillionaire alone make up 43% of all billionaire wealth—an astounding $4 trillion—and their wealth is growing over twice as fast as fellow billionaires in the past year," the group noted. "Just these top 16 billionaires hold more wealth today than every US billionaire combined in September of 2020, less than six years ago."
AFT attributed skyrocketing billionaire wealth in part to tax cuts that Trump and congressional Republicans showered on the ultra-wealthy in 2017 and again in 2025.
"Nearly halfway into Trump’s second administration’s second year in office, with GOP majorities in the House and Senate, the ultra-wealthy and billionaires have been rewarded with massive tax giveaways and policies funded with cuts to affordability programs that has resulted in millions losing access to healthcare and food," David Kass, ATF's executive director, said in a statement.
"This broken political and economic system takes from the vast majority of Americans and consolidates wealth in the hands of a privileged few," Kass added. "It cannot stand.”
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.
To inform. To inspire. To ignite change for the common good.
News & Opinion
Trending
Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit
Privacy Policy