President Joe Biden’s farewell address raised concerns about an “oligarchy” and a “tech industrial complex” that could threaten US democracy. However, the reality is far more stark. The last four years have seen a significant increase in wealth for the top 1% of Americans, with the richest individuals getting richer by over $1.5 trillion.
Led by tech tycoons such as Elon Musk, Larry Ellison, and Mark Zuckerberg, the country’s top 0.1% saw their collective wealth surge to more than $6 trillion, according to Federal Reserve estimates through September. Despite some inflation gains, the overall trend suggests a widening wealth gap in America.
The Bloomberg Billionaires Index tracked the wealthiest Americans’ fortunes over the last four years and found that they accumulated an unprecedented amount of wealth during Biden’s term. As the country navigates its economic future, this trend raises important questions about income inequality and the concentration of wealth among the elite.
Source: https://www.bloomberg.com/news/articles/2025-01-16/american-oligarchy-decried-by-biden-gained-1-5-trillion-during-his-presidency