- In the past year, the wealth of the 10 richest U.S. billionaires surged $698 billion, as Oxfam warns Trump administration policies risk driving U.S. inequality to new heights.
- Between 1989 and 2022, a top 0.1% U.S. household gained $39.5 million, a top 1% household gained $8.35 million, and a bottom 20% household gained less than $8,500.
- As many across the country struggle with rising costs, Oxfam calls on policymakers to deliver for ordinary people by rapidly reducing extreme inequality—including through tackling concentrated power, investing in public services, and reforms to social protection, tax, and labor laws.
One year on from the 2024 election of President Trump, new research from Oxfam, the global organization fighting inequality to end poverty and injustice, shows how decades of intensifying inequality in the U.S. have culminated in a new American oligarchy, characterized by record levels of wealth concentration and outsized political power. Between 1989 and 2022, the poorest household in the top 1% gained 987 times more wealth than the richest household in the bottom 20%. In the last year alone, the 10 richest U.S. billionaires grew $698 billion richer, and the assets of the top 0.1% reached their highest share on record (12.6%).
Oxfam’s report, “UNEQUAL: The rise of a new American oligarchy and the agenda we need,” analyzes Federal Reserve wealth data from 1989 to 2022 to identify the trends that led to such stark divides today, and cautions that the Trump administration is now poised to drive these inequalities to new extremes. The report also features forewords from Senator Elizabeth Warren and Roosevelt Institute President and CEO Elizabeth Wilkins which speak to these patterns.
“Today, a minimum wage job won’t keep a mother and baby out of poverty. It won’t pay rent on a two-bedroom apartment anywhere in this country,” said Elizabeth Warren, United States Senator, in her foreword. “After World War II, we built an economy where workers shared in the bounty they helped create. Then we changed course. The result is an economy that works great for those at the very top and leaves everyone else hanging on by their fingernails.”
While the wealth of the working- and middle-classes has barely grown in more than 30 years, the gains at the very top—disproportionately wealthy White men—have been astronomical. The share of national income going to the top 1% doubled between 1980 and 2022, while the share going to the bottom 50% decreased by one third. Today, the richest 1% own half the entire stock market (49.9%), while the bottom half of the U.S. owns just 1.1%. And as of 2024, over 40% of the U.S. population—including 48.9% of children—is considered poor or low income.
“The data confirms what people across our nation already know instinctively: the new American oligarchy is here. 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,” said Abby Maxman, Oxfam America President and CEO. “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.”
Policymakers' decisions have fueled this massive increase in U.S. inequality in recent decades. Major policy reforms—especially on labor rights, the social safety net, and the tax code—have deepened divides, driving concentrated wealth and power at the top. For example, following decades of decline, the labor share of income recently hit its lowest level since the Great Depression, reflecting regressive policies that failed workers. In 2027, President Trump’s recently-passed One Big Beautiful Bill Act (OBBBA) is estimated to reduce the tax bill of the highest-earning 0.1% by $311,000, while slashing vital safety-net programs and increasing taxes on the lowest-income households—those making less than $15,000 annually.
Oxfam’s analysis also shows how U.S. inequality has been undeniably shaped by historic and continued discrimination based on race and gender. Between 1989 and 2022, the wealth of the average White household increased 7.2 times more than the average Black household and 6.7 times more than the average Hispanic household. The average male-headed household gained four times the wealth of the average female-headed household.
Changing course on decades of deepening inequality requires bold vision and action. "UNEQUAL” calls on policymakers to heed demands of communities and workers, and embrace an agenda that prioritizes rebalancing power away from the oligarchs and tackling extreme inequality. This includes sensible, proven reforms in areas such as tax, labor policy, anti-trust, social protection, and more. According to Oxfam, a modest wealth tax on multimillionaires and billionaires could raise an estimated $414 billion to invest in social programs and fighting poverty.
“Today, we are seeing the dark extremes of choosing inequality for 50 years,” said Elizabeth Wilkins, Roosevelt Institute President and CEO, in her foreword. “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.”
Oxfam is a global organization that fights inequality to end poverty and injustice. We offer lifesaving support in times of crisis and advocate for economic justice, gender equality, and climate action. We demand equal rights and equal treatment so that everyone can thrive, not just survive. The future is equal. Join us at oxfamamerica.org.
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Notes to editors:
Download Oxfam’s media brief, “UNEQUAL: The rise of a new American oligarchy and the agenda we need,” and the methodology note here.
Billionaire wealth data is from the Forbes Real Time Billionaires List. Wealth gains were ascertained by comparing net worth on September 30, 2024 with net worth on September 30, 2025.