New research published Monday shows that the 10 richest people in the United States have seen their collective fortune grow by nearly $700 billion since President Donald Trump secured a second term in the White House and rushed to deliver more wealth to the top in the form of tax cuts.
The billionaire wealth surge that has accompanied Trump's return to power is part of a decades-long, policy-driven trend of upward redistribution that has enriched the very few and devastated the working class, Oxfam America details in Unequal: The Rise of a New American Oligarchy and the Agenda We Need.
Between 1989 and 2022, the report shows, the least rich US household in the top 1% gained 987 times more wealth than the richest household in the bottom 20%.
As of last year, more than 40% of the US population was considered poor or low-income, Oxfam observed. In 2025, the share of total US assets owned by the wealthiest 0.1% reached its highest level on record: 12.6%.
The Trump administration—in partnership with Republicans in Congress—has added rocket fuel to the nation's out-of-control inequality, moving "with staggering speed and scale to carry out a relentless attack on working-class families" while using "the power of the office to enrich the wealthy and well-connected," Oxfam's new report states.
"The data confirms what people across our nation already know instinctively: The new American oligarchy is here," said Abby Maxman, president and CEO of Oxfam America. "Billionaires and mega-corporations are booming while working families struggle to afford housing, healthcare, and groceries."
"Now, the Trump administration and Republicans in Congress risk turbocharging that inequality as they wage a relentless attack on working people and bargain with livelihoods during the government shutdown," Maxman added. "But what they're doing isn't new. It's doubling down on decades of regressive policy choices. What's different is how much undemocratic power they've now amassed."
"Today, we are seeing the dark extremes of choosing inequality for 50 years."
Oxfam released its report as the Trump administration continued to illegally withhold federal nutrition assistance from tens of millions of low-income US households just months after enacting a budget law that's expected to deliver hundreds of billions of dollars in tax breaks to ultra-rich Americans and large corporations.
Given the severity of US inequality and ongoing Trump-GOP efforts to make it worse, Oxfam stressed that a bold agenda "that focuses on rebalancing power" will be necessary to reverse course.
Such an agenda would include—but not be limited to—a wealth tax on multimillionaires and billionaires, a higher corporate tax rate, a permanently expanded child tax credit, strong antitrust policy that breaks up corporate monopolies, a federal job guarantee, universal childcare, and a substantially higher minimum wage.
"Today, we are seeing the dark extremes of choosing inequality for 50 years," Elizabeth Wilkins, president and CEO of the Roosevelt Institute, wrote in her foreword to the report. **"**The policy priorities in this report—rebalancing power, unrigging the tax code, reimagining the social safety net, and supporting workers' rights—are all essential to creating that more inclusive and cohesive society. Together, they speak to our deepest needs as human beings: to live with security and agency, to live free from exploitation."
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