U.S. Billionaires are 46% Richer Than They Were in 2020

In the past three years, the number of super-wealthy individuals has surged both in this country and worldwide. If current trends persist, the world may see its first trillionaire within a decade, according to a recent Oxfam report on global inequality. The report highlighted a “supercharged surge in extreme wealth,” with data showing significant increases in billionaire fortunes.

In the U.S., billionaires are 46% richer than they were in 2020. The net worth of the three wealthiest men — Elon Musk, Jeff Bezos, and Larry Ellison — has soared by 84%, according to Oxfam. Despite the U.S. being the richest nation in terms of gross domestic product, 11.5% of the population lives in poverty, as reported by the U.S. Census Bureau.

As the labor market tightened, more workers secured full-time jobs, leading to rapidly rising nominal wages among low-income individuals. Additionally, the wave of strikes in 2023 resulted in numerous labor deals where union workers successfully negotiated for higher pay.

The report found that the five richest men globally have more than doubled their wealth since 2020. If these trends continue, the world could see its first trillionaire within ten years, while poverty may not be eradicated for another 229 years.

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