Nov. 3 (UPI) -- The United States' 10 richest billionaires saw their wealth grow last year by nearly $700 billion, according to a new report published Monday by Oxfam, which warns the Trump administration is worsening U.S. inequality.
The report states that in the past year, the wealth of U.S. billionaires grew by $698 billion.
Oxfam, the British-founded confederation of nearly two dozen non-governmental organizations, citing Federal Reserve data, found that between 1989 and 2022, a household in the top 0.1% gained $39.5 million, while a household in the top 1% gained about $8.3 million. Meanwhile, a bottom 20% household saw its wealth only grow by $8,465.
This equals to the poorest household in the top 1% having gained 987 times more wealth than the richest household in the bottom 20%, according to the report.
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