American wealth in the hands of a minority - the top 10 billionaires saw an increase of about 700 billion USD in 2024
The combined wealth of the 10 richest billionaires in the United States has increased by $698 billion in one year, according to a new report published by the organization Oxfam America.
The report warns that the policies of Donald Trump's administration could drive economic inequality to record levels, while emphasizing that both Republicans and Democrats have contributed to the widening of this gap over recent decades.
Using data from the Federal Reserve for the period 1989–2022, the researchers found that the richest 1 percent of American households have gained 101 times more wealth than the median household and 987 times more than households in the poorest 20 percent of society. In concrete terms, this translates to a gain of $8.35 million for households in the richest 1 percent, compared to just $83,000 for the median household over 33 years.
Meanwhile, over 40% of the American population, including nearly half of children, are considered low-income, with a family economic level below 200% of the national poverty line.
When compared to 38 other high-income countries within the Organization for Economic Co-operation and Development (OECD), the United States ranks first in relative poverty rates, second in child poverty and mortality, and second to last in life expectancy.
The report argues that American systems, including the tax code, social safety net, and workers' rights, have been gradually weakened, allowing concentrated wealth to turn into concentrated power.
According to the report, Trump's tax law, passed in May, constitutes "one of the largest transfers of wealth to the wealthy in decades," as it slashed taxes on millionaires and corporations. However, Oxfam emphasizes that this is not the responsibility of Republicans alone. "The reforms of the past 40 years, from cutting taxes and social protections to weakening unions, have been supported by both parties."
The policy recommendations presented in the report are: restoring the balance of power through anti-monopoly policies; using the tax system to reduce inequality through taxes on the wealthy and corporations; strengthening the social safety net; and protecting unions.
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