Wealth of America’s Richest Soars by $700 Billion Under Trump

The wealth of the ten richest individuals in the United States surged by approximately $700 billion following the return of Donald Trump to the presidency in early 2024. A report from Oxfam America indicates that Trump’s economic policies have exacerbated inequality, with significant tax cuts favoring the wealthy while imposing higher taxes on low-income households.

One of Trump’s pivotal actions was the enactment of the “Big, Beautiful Bill,” which reduced corporate tax rates and minimized taxes for billionaires. The report highlights that the wealthiest households in the top 1 percent gained an average of $987 more than the wealthiest households in the bottom 20 percent over the past year. This trend is particularly striking as it occurred during a period that included several months of President Joe Biden’s administration, where the overall wealth of U.S. billionaires increased by $698 billion.

Despite this remarkable increase in wealth for the affluent, over 40 percent of Americans are classified as low-income, living on less than twice the federal poverty line. In the foreword of the Oxfam report, Senator Elizabeth Warren emphasized the disparity, stating that “the wealthiest amongst us” have amassed “unimaginable fortunes while paying virtually nothing in taxes.” Warren, who has supported a wealth tax during her presidential campaign, suggested that the findings of this report could guide future policy changes.

Warren remarked, “This report examines the depth of inequality in America and charts a path forward. We know what works. Breaking up big corporations to ensure robust competition, supporting our workers, unrigging the tax code, and investing in services doesn’t just help families—it strengthens our entire economy.” She urged that by investing in people and enforcing fair rules, the nation could benefit collectively.

Echoing Warren’s sentiments, Abby Maxman, President and CEO of Oxfam America, stated, “The data confirms what people across our nation already know instinctively: the new American oligarchy is here.” She highlighted the struggles of working families who are finding it increasingly difficult to afford basic necessities such as housing, healthcare, and groceries, while billionaires and mega-corporations thrive.

During his second term, Trump has maintained close ties with powerful business leaders. His inauguration featured notable CEOs, including Elon Musk and Mark Zuckerberg. Major corporations, such as Palantir, OpenAI, and Google, are among the substantial financial backers of his $300 million initiative, which continues despite the ongoing government shutdown.

Additionally, reports indicate that the Trump family has amassed a staggering $3.4 billion during his presidency, largely attributed to profits from cryptocurrencies and other ventures, including his Mar-a-Lago estate. Trump has publicly celebrated the financial successes of his billionaire associates, boasting of their wealth during official engagements. At a press event in April, he noted the substantial gains of Charles Schwab and NASCAR team owner Roger Penske, drawing attention to their net worth increases.

The significant wealth accumulation among America’s richest citizens has raised concerns about the growing wealth gap, with calls for policy reforms gaining momentum. The Independent has reached out to Senator Warren, the U.S. Treasury Department, and the White House for further comments on this developing situation.