While Americans are pinching their pennies amid SNAP cuts, soaring housing costs, and mass layoffs, the ultra-rich are seeing unprecedented wealth gains. In the coming years, we could even have our first trillionaire: Elon Musk.
Now, a new report from Oxfam has revealed that the 10 richest U.S. billionaires added $698 billion to their net worths in the past year.
Nearly the entire ultra-rich cohort is made up of tech leaders profiting from the gold rush in tech and AI, including Oracle cofounder Larry Ellison, Amazon founder Jeff Bezos, Google cofounders Larry Page and Sergey Brin, Meta CEO Mark Zuckerberg, Nvidia CEO Jensen Huang, ex-Microsoft CEO Steve Ballmer, and Dell founder Michael Dell.
On average, each person on America’s top 10 rich list gained $69.8 billion over the past year—they made 833,631 times more than what the typical American household takes home.
While Musk defends his eye-watering $1 trillion pay package, the average U.S. household only brought in $83,730 last year, according to U.S. Census data.
