Top US billionaires surpass $2 trillion in collective wealth as millions live in poverty

Washington DC - Just 12 people in the US control a combined $2 trillion in wealth, as the divide between rich and poor in America widens.

A new analysis shows that just 12 individuals in the US control over $2 trillion in collective wealth.
A new analysis shows that just 12 individuals in the US control over $2 trillion in collective wealth.  © IMAGO / Newscom World

The collective net wealth of these billionaires has increased by $1.3 trillion – or 193% – since April 2020, Inequality.org reported.

The top 12 billionaires in the US, according to the analysis, are:

  • Elon Musk ($334 billion)
  • Jeff Bezos ($228 billion)
  • Larry Ellison ($225 billion)
  • Mark Zuckerberg ($212 billion)
  • Warren Buffett ($147 billion)
  • Larry Paige ($142 billion)
  • Sergey Brin ($136 billion)
  • Steve Balmer ($127 billion)
  • Jensen Huang ($122 billion)
  • Rob Walton ($112 billion)
  • Jim Walton ($111 billion)
  • Bill Gates ($107 billion)
Luigi Mangione shouts about "insult to the intelligence" of Americans at extradition hearing
Murder Luigi Mangione shouts about "insult to the intelligence" of Americans at extradition hearing

The extreme concentration of wealth in the hands of a few has significant political impacts, as the ultrarich use their enormous means to influence lawmakers and the media.

For example, the super PAC of Musk – the world's richest man, who in 2022 bought up the social media platform Twitter (now X) – reportedly spent $200 million toward Donald Trump's 2024 election win.

The 12 billionaires are also contributing toward global climate collapse, as each is either an owner or controlling shareholder in a business investing huge sums in artificial intelligence. Experts warn that the power demand driven by the rise of AI and cloud computing is propelling a surge in the use of planet-warming fossil fuels and delaying the green energy transition.

Meanwhile, an estimated 36.8 million Americans or 11.1% of the population – are living in poverty. Poor and marginalized communities are at greater risk of extreme weather events and are disproportionately impacted by environmental pollution.

Cover photo: IMAGO / Newscom World

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