"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."
"Over 40% of the U.S. population-including nearly 50% of children-are considered to be poor or low income, according to the report. And looking at trends within the last few decades, the worsening wealth divide is even more stark. Between 1989 and 2022, a rich U.S. household at the 99th percentile (or top 1%) gained 101 times more wealth than the average home."
The ten richest U.S. billionaires collectively added $698 billion to their net worths in the past year. Most of the ultra-rich are tech leaders benefiting from surging tech and AI valuations, including Ellison, Bezos, Page, Brin, Zuckerberg, Huang, Ballmer, and Dell. Each top-ten billionaire gained about $69.8 billion, roughly 833,631 times the annual income of a typical American household, which averaged $83,730. Over 40% of Americans, including nearly half of children, are poor or low income. From 1989 to 2022 the top 1% gained 101 times more wealth than the average household. Male-headed households gained four times more than female-led homes. White households gained 7.2 times more wealth than Black households and 6.7 times more than Hispanic/Latino households; Black and Hispanic/Latino households hold just 5.8% of national wealth despite representing about one-third of the population.
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