Additional Coverage:
- While millions of Americans struggled, American billionaires quietly grew even richer (marketrealist.com)
The Billionaire Boom: A Widening Chasm in American Wealth
While many Americans grapple with financial insecurity, a recent report reveals a startling surge in the fortunes of the nation’s wealthiest individuals, further exacerbating the country’s persistent wealth gap. In 2025, American billionaires collectively saw their wealth balloon by an astonishing $1.5 trillion.
According to a Moneywise report, the total collective wealth of U.S. billionaires jumped from approximately $6.7 trillion to $8.2 trillion in a single year – a remarkable 22% increase. The number of billionaires also grew by 15%, expanding from 814 to 935 individuals.
This significant accumulation of wealth at the top stands in stark contrast to the financial realities faced by a large segment of the population. A staggering 24% of American households are currently living paycheck to paycheck, struggling to meet basic expenses.
The financial strain extends beyond daily expenditures. The national savings rate remains critically low at just 3.6%.
The report highlights troubling trends in essential spending, with 24% of Americans admitting to skipping necessary medication and treatments due to cost. Furthermore, 34% of those surveyed reported foregoing meals in the past year.
The concentration of wealth has reached unprecedented levels. The top 1% now controls 31.7% of all wealth in the country, marking the largest share recorded since the Federal Reserve began tracking this data in 1989. This elite group holds an estimated $55 trillion in assets, a figure roughly equivalent to the combined assets of the bottom 90% of Americans.
Public dissatisfaction with this growing disparity is palpable, leading to increased calls for governmental action, particularly through higher taxes on the ultra-rich. Some states have attempted to address this imbalance.
California, for instance, implemented a one-time 5% wealth tax on individuals with assets exceeding $1 billion. However, this policy has reportedly led some billionaires to relocate, choosing to leave the state rather than pay the tax.
Notable figures who have reportedly left California in the wake of such tax discussions include Google co-founders Larry Page and Sergey Brin, Oscar-winning filmmaker Steven Spielberg, and Meta CEO Mark Zuckerberg. While Spielberg’s spokesperson attributed his move to the East Coast to a desire to be closer to family, the broader trend underscores the contentious nature of wealth taxation and its impact on the nation’s wealthiest residents.