Wealth Inequality Continues to Rise in the U.S. While a Group of Billionaires and Millionaires Calls for More Taxes on the Super-Wealthy and Less Oligarchy

     Bloomberg recently reported that the share of total wealth of the richest Americans is now at the highest level since World War II. They report that 31.7% of the nation’s wealth is held by the richest 1% of Americans, nearly as much as the bottom 90% combined. I might add that the current government also has by far the highest percentage of the richest 1% of Americans in high government positions. One might ask. Where is all the money? Billionaires, hundred-millionaires, ten-millionaires, and millionaires have it is the answer.

     The main reason for the recent rise in wealth inequality is growth in the stock market. Since I am currently living 100% on 401K distributions before my social security kicks in, I am quite grateful for the stock market’s rise as well. Less affluent people invest in their homes. According to Moritz Kuhn, economics professor at the University of Mannheim:

“In effect, inequality has become a race between the housing market and the stock market,” said Kuhn, who has studied US wealth disparities.

     The graph below shows the recent changes.

“The richest of the rich have been driving the recent inequality rise. The top 0.1% boosted their wealth 40% in three years, Fed data show, twice the 20% gain of the bottom 90%.”

“Even among the super-wealthy, the latest gains are skewed to the very top. Last year, the world’s 500 richest people added more than $2 trillion to their collective net worth, according to the Bloomberg Billionaires Index. Since the beginning of this decade, their wealth has doubled to nearly $12 trillion.” 

“The five richest people in the world, all of them Americans, saw their fortunes jump an average of 31% last year, versus 22% for all 500 billionaires on the index. Elon Musk, the world’s richest person, is worth $668 billion, almost five times more than at the end of 2022.”

     The quotes above certainly make an excellent case for increasing taxes on the super-wealthy. Several states are looking into doing just that. California is looking at a one-time 5% tax on billionaires. They would still be billionaires after the tax. However, several, including tech billionaire and GOP donor Peter Thiel, have said they would move out of the state if the tax is enacted. Others have noted that there are better ways to address poverty than taxing the rich. This is true, but we should tax them anyway in the name of basic fairness and decency.  

     Meanwhile, hundreds of billionaires and millionaires have recently signed a letter calling for increasing taxes on the super-wealthy to help address poverty. They cite a report that concludes that the richest 1% of people own more than 95% of the rest of the world’s population combined. “That seems fair,” said nobody in their right mind.

     They also complain that these super-wealthy humans are taking over governments all over the world. Apparently, being filthy rich isn’t enough, so they need to control and run governments as well. Executive director of Oxfam International, Amitabh Behar, in my opinion, used the right terminology for the widening gap: nonsensical and obscene.

“It’s a stark indictment that illustrates just how nonsensical the gulf now is between oligarchs and the rest of humanity. Governments must implement taxes on the super-rich now and prioritise reducing inequality. The world cannot continue on this obscene trajectory.”

     Helen Coffey writes for the Independent:

“Polling of 3,900 millionaires in G20 countries by Patriotic Millionaires, a network of wealthy people in the UK who have long campaigned to be taxed more, found that 77 per cent think extremely wealthy individuals buy political influence; 69 per cent think the influence of the super-rich over politicians is preventing action on tackling inequality; and 62 per cent think that extreme wealth is a threat to democracy.”

     Her article talks a lot about “wealth shame” and guilt. There is one easy fix for that: give away more, a lot more, to charities, etc. However, she also points out that philanthropy is not democratic. People give to causes they feel passionate about rather than what is really needed. I say, just tax the fucking rich already, especially the super-rich. I’m looking at you, Elon, now said to be worth $668 billion, well on the way to becoming a, it hurts to even write it, trillionaire. Instead, last year, the world’s richest man was entrusted to cut government costs by firing people and taking away money for global aid. Yes, nonsensical, obscene, and grotesque are the right terms.

 

 

References:

 

Rich Americans had a good 2025. Everyone else fell behind. Ben Steverman. Bloomberg. January 21, 2026. Rich Americans had a good 2025. Everyone else fell behind

Billionaires sign letter demanding higher taxes: in full. Maira Butt. The Independent. January 22, 2026. Billionaires sign letter demanding higher taxes: in full

Does the world have a billionaire problem? These millionaires think so. Helen Coffey. The Independent. January 21, 2026. Does the world have a billionaire problem? These millionaires think so | The Independent