- Despite recent tariff-related market turmoil, the 10 richest U.S. billionaires saw their wealth increase by $365 billion over the past 12 months.
- It would take 726,000 years for 10 U.S. workers with median earnings to make that much money.
- If the wealth gains of the 10 richest billionaires were taxed like income from work, they would owe a collective $135 billion in taxes.
- A modest three percent tax on wealth over $1 billion would raise over $50 billion from the 10 richest U.S. billionaires alone. This is enough to cover the entire federal rental assistance budget or a year of food assistance for 22.5 million people.
As the House prepares to vote on a tax deal overwhelmingly catered to the wealthiest individuals and large corporations, a new Oxfam analysis shows the wealth of the 10 richest U.S. billionaires increased by $365 billion in the past 12 months, based on data from Forbes. These billionaires stand to benefit even further from the House of Representatives’ reconciliation bill, which, if passed, would slash over $1 trillion in support for ordinary people in order to pay for an estimated $3.8 trillion in tax cuts skewed toward the ultra-wealthy and corporations.
“We’re seeing a tax code being designed that would bring about the world’s first trillionaire,” said Rebecca Riddell, Senior Policy Lead for Economic and Racial Justice at Oxfam America. “Even amid the upheaval caused by Trump’s economic mayhem, billionaire wealth has increased astronomically while so many ordinary people struggle to make ends meet.”
Based on Census median earnings data, 10 typical workers would need 726,000 years to make what the 10 richest U.S. billionaires did over just the last 12 months. But even if these workers achieved the impossible and managed to do so, they would likely face a tax rate far higher than what the wealthiest billionaires actually pay.
If the wealth gains of the 10 richest men in the U.S. were taxed like income from work, they would collectively owe $135 billion. However, U.S. tax policy treats passive accumulation far more favorably than labor income — with increases in the value of assets like stocks and bonds largely untaxed — which inherently favors the ultra-wealthy. For this reason, billionaires often pay a lower effective tax rate than teachers and nurses.
Rather than provide more tax breaks for billionaires, Oxfam calls on policymakers to take action to ensure the very wealthiest pay their fair share. Even a modest wealth tax on the largest fortunes would raise substantial revenue that could support important public programs. A three percent tax on wealth over $1 billion would raise nearly $52 billion just from the 10 richest billionaires. That is more than the entire federal budget for rental assistance vouchers and is enough to provide a year of Supplemental Nutrition Assistance Program (SNAP) benefits to 22.5 million people.
Instead, the Trump administration and Congress are planning the exact opposite: paying for a new round of billionaire tax breaks by cutting programs that provide crucial support to tens of millions. The current House bill doubles down on the failed tax law from Trump’s first term — the Tax Cuts and Jobs Act (TCJA) — by extending its giveaways to the richest individuals, including its deduction for “pass-through” business income as well as its cuts to the top income tax rate and estate tax.
The bill also extends a number of the TCJA’s corporate tax breaks, including the deduction for “foreign-derived intangible income” (FDII), which enables corporations to pay a lower tax rate on their foreign profits. This tax break is particularly lucrative for giant tech companies, including those run by the oligarchs who had front-row seats to Trump’s inauguration. Between 2018 and 2023, five large tech firms used the FDII deduction to save a collective $31 billion in taxes. Such tax breaks often translate into dividends and buybacks for wealthy shareholders, making billionaires even wealthier while depriving the public coffers of revenue.
Oxfam America calls on Congress to reject this tax proposal and instead work toward an inequality-reducing tax code, one that makes the ultra-rich, Wall Street, and corporations pay their fair share. By taxing the ultra-rich, we can invest in workers and families, and advance racial, gender, and climate justice.
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:
Wealth data is from the Forbes Real Time Billionaires List. Wealth gains were ascertained by comparing net worth on April 30, 2025 with net worth on April 30, 2024.
Data on median earnings is from the Census Bureau’s Income in the United States: 2023 report, published in September 2024. In 2023, the median annual earnings for all individuals — including part-time workers — was $50,310. Earnings are defined as “the sum of wage and salary income and nonfarm and farm self-employment income (gross receipts minus expenses).”
According to a 2021 White House study, the wealthiest 400 billionaire families in the U.S. paid an average federal individual income tax rate of just 8.2 percent.
The highest marginal tax rate on labor income is 37 percent. Because the highest income tax bracket for individuals began at $609,351 in 2024, virtually all billionaire wealth would be taxed at 37 percent if treated as ordinary income.
A 3 percent tax on net wealth over $1 billion applies to total net wealth, not wealth gains. Consequently, even billionaires who lost wealth over a given year would still incur tax liability. A similar wealth tax proposal — the Ultra-Millionaire Tax Act of 2024 — was introduced last Congress by Senator Warren (MA) and Representatives Jayapal (WA-07) and Boyle (PA-02).
The federal rental assistance budget is from the U.S. Department of Housing and Urban Development (HUD). HUD’s budget authority for tenant-based rental assistance — which includes the Housing Choice Voucher program — was $30.3 billion in 2024.
According to the U.S. Department of Agriculture, in fiscal year 2025, as of May 9, the average monthly benefit per person for the Supplemental Nutrition Assistance Program (SNAP) was $190.98. This equates to a yearly cost of $2,291.76.