A new analysis by Oxfam reveals that the ten wealthiest Americans collectively saw their fortunes increase by a staggering $365 billion over the past year, despite a brief market downturn. This translates to an average gain of roughly $1 billion per day for this elite group of billionaires.
The Oxfam report starkly contrasts this wealth accumulation with the economic realities of average American workers, who earned just over $50,000 in 2023. The organization calculated that it would take ten U.S. workers earning the median income a cumulative 726,000 years to amass the same wealth gained by the top ten billionaires in a single year.
These findings underscore the nation’s widening wealth inequality at a critical juncture, as Republicans in Congress debate a significant tax bill. Nonpartisan experts have warned that this proposed legislation would further benefit the wealthiest individuals and corporations while potentially cutting nearly $1 trillion from crucial social safety net programs.
“Billionaire wealth has increased astronomically while so many ordinary people struggle to make ends meet,” stated Rebecca Riddell, senior policy lead for economic and racial justice at Oxfam America, in the report.
Elon Musk Leads Wealth Surge
The Oxfam analysis tracked the estimated wealth changes of the top ten individuals on the Forbes Real Time Billionaire List between the end of April 2024 and the end of April 2025. Elon Musk, the CEO of Tesla and the world’s richest person, accounted for over half of the total wealth gains, with his net worth increasing by an astounding $186.1 billion during this period. Some analyses have even projected that Musk is on track to become the world’s first trillionaire.
Other significant gains were seen by Meta CEO Mark Zuckerberg and Walmart heir Rob Walton, whose net worths each increased by $38.7 billion. Legendary investor Warren Buffett’s wealth grew by $34.8 billion, and Walmart heir Jim Walton’s fortune increased by $36.5 billion. Notably, some billionaires, including Google co-founders Larry Page and Sergey Brin, experienced a decrease in their wealth during this timeframe.
Oxfam Criticizes GOP Tax Bill
Oxfam argues that the Republican tax bill, a key legislative priority for President Trump, would exacerbate existing wealth disparities, further favoring the most affluent at the expense of ordinary Americans. “We’re seeing a tax code being designed that would bring about the world’s first trillionaire,” Riddell cautioned.
In response to growing inequality, some progressive voices have advocated for the implementation of a wealth tax on ultra-millionaires and billionaires. Oxfam’s analysis suggests that a modest 3% tax on wealth exceeding $1 billion held by the ten richest Americans alone could generate $50 billion – enough to provide food assistance for one year to an estimated 22.5 million people. However, the practical challenges and constitutional questions surrounding a wealth tax remain significant.
CBO Analysis Highlights Uneven Distribution of Tax Bill Benefits
The current debate in Congress centers on whether and how to extend the 2017 Tax Cuts and Jobs Act, President Trump’s signature tax law. The “One Big Beautiful Bill Act,” which has advanced in the House, proposes to make permanent the majority of the individual income tax breaks from the 2017 law and temporarily reduce taxes on tips and overtime.
According to a new analysis by the nonpartisan Congressional Budget Office (CBO), the bill would lead to an average increase in resources for U.S. households. However, the CBO projects that these gains would be unevenly distributed. By 2033, the bottom 10% of earners would see a 4% decrease in household resources, while the top 10% of earners would experience a 2% gain due to lower taxes.
An analysis by the Penn Wharton Budget Model echoed these findings, projecting that the top 10% of earners would receive approximately two-thirds (65%) of the total value of the legislation. In contrast, households in the bottom 20% could lose around $1,035 in 2026 due to cuts to Medicaid, food stamps, and other related changes. Kent Smetters, a professor at the University of Pennsylvania’s Wharton School, noted that the top 10% of households are projected to receive about $3.1 trillion in tax cuts over the next decade, while this group already pays roughly 70% of all federal income and payroll taxes.
Democrats Criticize “Giveaway” to the Rich
Democratic Senator Elizabeth Warren of Massachusetts has strongly criticized the GOP bill, calling it a “giveaway” for the wealthiest Americans. “Donald Trump and Republicans in Congress are trying to jam through massive tax giveaways for the wealthiest Americans — millionaires and billionaires who are only getting richer by the day. Billionaires don’t need another break, working people do,” Warren stated.
White House Defends Tax Priorities
The White House, however, argues that President Trump’s budget priorities would foster economic growth and benefit all Americans, building upon the gains seen during his first term. White House spokesman Kush Desai stated that wealth inequality in the U.S. actually decreased during President Trump’s first term due to his economic agenda. He added that the “One, Big, Beautiful Bill” would lock in many of these successful policies to “again restore prosperity for Main Street.”
Concerns Over National Debt
This debate over tax cuts comes amidst growing concerns about the United States’ $36 trillion national debt. Moody’s Ratings recently downgraded the U.S.’s credit rating, citing concerns about the surge in government debt and high interest payment ratios. While the White House claims the GOP tax bill will help address these concerns by cutting spending, Moody’s and the Committee for a Responsible Federal Budget have warned that the bill could significantly increase the national debt over the next decade. The CBO estimates the bill would add an additional $3.8 trillion to the national debt.
The Committee for a Responsible Federal Budget cautioned that this increased borrowing could potentially fuel inflation and push up interest rates. The contrasting analyses and strong opinions surrounding the GOP tax bill highlight the ongoing debate over fiscal policy and its impact on wealth distribution in the United States.
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