Amazion founder Jeff Bezos participates in a discussion during a Milestone Celebration dinner September 13, 2018 in Washington, D.C. (Photo: Alex Wong/Getty Images)
The total wealth of billionaires increased by 121% from 2015-24.
Driven largely by the accumulation of massive wealth by the richest people in the United States, the Swiss wealth manager UBS said Thursday the assets of billionaires around the world more than doubled over the past decade.
Between 2015-24, the total wealth of billionaires increased by 121%, from $6.3 trillion to $14 trillion.
Meanwhile, the MSCI AC World Index of global equities, which measures the performance of more than 3,000 stocks from both developed and emerging markets, rose by 73%.
The planet’s total gross domestic product is about $105.4 trillion, with a population of just over 8 billion, underscoring the extreme concentration of wealth among the very richest people.
The number of billionaires rose from 1,757 to 2,682 over the past decade, while the wealthiest people in the world boasted significant gains over just the past year.
Billionaires’ wealth jumped by about 17% in 2024, with the accumulation of wealth among the richest people in the U.S. offsetting a decline in China.
U.S. billionaires amassed wealth gains that were 27.6% higher than the previous year, accumulating a total of $5.8 trillion—more than 40% of international billionaire wealth.
The tax cuts pushed through by President-elect Donald Trump and the Republican Party in 2017 are still in effect in the U.S. Tax policy analysts have found that the law was skewed to the rich, with households in the top 1% of incomes expecting to receive an average tax cut of more than $60,000 in 2025 compared to an average tax cut of less than $500 for people in the bottom 60%.
As Common Dreams reported this week, the top 12 U.S. billionaires now control $2 trillion. The wealth of the four richest people in the U.S.—Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison, and Meta CEO Mark Zuckerberg—has hit $1 trillion.
Jensen Huang of Nvidia speaks about the future of artificial intelligence and its effect on energy consumption and production at the Bipartisan Policy Center on September 27, 2024 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)
“The oligarchic dozen is richer than ever, and they are endowed with extreme material power that can be used to pursue narrow political interests at the expense of democratic majorities,” according to the author of a new analysis.
Just 12 U.S. billionaires now have a collective net worth of over $2 trillion—a figure that amounts to a little less than a third of total federal spending in 2023—according to an analysis out Tuesday from Inequality.org, a project of the Institute for Policy Studies (IPS).
The $2 trillion number is also twice the amount of wealth that the top 12 US billionaires held in 2020, according to researchers at IPS, a progressive organization.
The full list of 12 billionaires includes Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, Elon Musk, Steve Ballmer, Larry Ellison, Larry Page, Sergey Brin, Jim Walton, Rob Walton, and Jensen Huang.
“This is an unsettling new milestone for wealth concentration in the United States. The oligarchic dozen is richer than ever, and they are endowed with extreme material power that can be used to pursue narrow political interests at the expense of democratic majorities,” wrote the author of the analysis, Omar Ocampo, a researcher at IPS.
New to the “oligarchic dozen” is Jensen Huang, the co-founder and CEO of the tech company Nvidia. Nvidia, which became the most valuable publicly traded company this year, has seen its profits jump thanks to the world’s ravenous appetite for the artificial intelligence chips that the firm produces. According to the analysis, Huang’s personal wealth “has skyrocketed from $4.7 billion in 2020 to $122.4 billion—a mind-boggling 2,504 percent increase—over the last four years.”
Each of the billionaires on the list “owns or is a controlling shareholder of a business that is investing billions of dollars in artificial intelligence,” according to Ocampo, which raises concerns about their respective carbon footprints.
Fueling AI is energy intensive, and AI data centers in the U.S. are largely powered by fossil fuels, meaning their proliferation poses a threat to the environment and a transition to a green economy.
Ocampo also discusses the political reach of the billionaires on the list. Elon Musk and Jeff Bezos, who respectively own X and The Washington Post, “have both purchased large media platforms, which has granted them the ability to set the terms of public debate with the hopes of influencing public opinion in their favor.”
Musk specifically has established himself as a major power broker within the GOP. The billionaire spent hundreds of millions helping to re-elect Donald Trump and is now poised to play a major role in the president-elect’s administration, helping oversee a new advisory committee tasked with slashing government spending.
As of early December, Trump had tapped an “unprecedented” total of seven reported billionaires for key positions in his administration, according to a separate piece of analysis by Inequality.org.
“We see the effects of this growing concentration of wealth and economic inequality everywhere—plutocratic influence on our politics, wealth transfers from the bottom to the top, and the acceleration of climate breakdown,” Ocampo wrote on Tuesday.
Elon Musk applauds alongside the wife of House Speaker Mike Johnson (R-La.) during a House Republican Conference meeting on November 13, 2024. (Photo: Andrew Harnik/Getty Images)
“Elon Musk’s commission is a plot to destroy our Social Security by giving it to Wall Street executives—so that you get nothing and they get everything,” warned one advocate.
A lengthy series of X posts attacking Social Security as a “nightmare” caught the attention of the platform’s mega-billionaire owner, Elon Musk, who could soon take aim at the beloved New Deal program as co-chair of an advisory commission tasked with identifying federal spending to slash.
“Interesting thread,” Musk, the world’s richest man, wrote late Monday in response to the posts by Sen. Mike Lee (R-Utah), who once said he hopes to pull Social Security “up by the roots and get rid of it,” along with Medicare and Medicaid.
In his new thread, Lee characterized Social Security—which lifts more Americans above the poverty line than any other federal program—as a “tax plan” insidiously disguised as a retirement plan and condemned the Social Security Act of 1935 as one of many “deceptive sales techniques the U.S. government has used on the American people.”
Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM), replied Tuesday that Lee’s posts amount to “a misrepresentation of Social Security’s history and how the program works.”
“There is nothing deceptive about Social Security. The social insurance program has been working just fine for nearly 90 years and has never missed a payment,” said Richtman. “The kind of propaganda Sen. Lee posted undermines public support for Social Security, making it easier to cut or privatize the program. It is perhaps no coincidence that Sen. Lee’s second-biggest campaign contributor by industry is the securities and investment sector.”
“The money is ours, Mike Lee, Elon Musk, and Donald Trump. You’re not going to get a penny of it.”
Social Security Works (SSW), a progressive advocacy group, said Tuesday that by amplifying Lee’s thread to his hundreds of millions of followers, Musk “just declared war on Social Security.”
“For 89 years, through war and peace, boom time and bust, health and pandemics, Social Security has never missed a single payment,” said Alex Lawson, SSW’s executive director. “Compared to the risky alternatives on Wall Street, Social Security is a rock of retirement security. If billionaires like Elon Musk paid into Social Security at the same rate as the rest of us on all of their income, we could expand benefits for everyone and pay them in full forever.”
“This is a declaration of war against seniors, people with disabilities, and the American public,” Lawson said. “The Republicans are coming for your Social Security, which they call a ‘nightmare.’ Elon Musk’s commission is a plot to destroy our Social Security by giving it to Wall Street executives—so that you get nothing and they get everything.”
“We’ve seen this play again and again,” he added. “When Republicans destroyed defined-benefit pension plans, they claimed that the market would be able to create amazing returns for everybody. Instead, workers got pennies, while Wall Street managers got billions. That is always the plan. We will defeat this Republican effort to steal our earned benefits. The money is ours, Mike Lee, Elon Musk, and Donald Trump. You’re not going to get a penny of it.”
Richard Fiesta, executive director of the Alliance for Retired Americans, similarly denounced Lee’s thread and Musk’s promotion of it, saying both “should enrage and concern every single American who has contributed to Social Security.”
“Sen. Mike Lee has dreamed about ‘phasing out Social Security’ and the benefits generations of Americans have earned for more than a decade. His bad ideas have been rightfully ignored but last night he got a big assist from Elon Musk, who amplified Lee’s wrongheaded views about Social Security on X.”
“Social Security is a solemn promise between the American people and the government,” Fiesta continued. “We pay for Social Security’s guaranteed benefits with every paycheck and expect them to be there when we retire, lose a spouse or parent, or become disabled. No one voted to phase out Social Security or let Wall Street gamble with their earned benefits. Older Americans will rightly punish any politician who tries to cut their benefits or gut the system that has worked for generations.”
On the campaign trail, President-elect Donald Trump pledged to defend Social Security while simultaneously pushing proposals that would wreck the program’s finances.
Many Republican lawmakers, who are soon to be in the majority in both chambers of Congress, have called for raising the Social Security retirement age—a change that would cut benefits across the board. On Tuesday, Rep. Rich McCormick (R-Ga.) toldFox Business Network that “we’re going to have to have some hard decisions” on Social Security, Medicaid, and Medicare—a euphemism for benefit cuts.
Richtman of NCPSSM said that the kind of attack advanced by Lee and other Republicans “conflicts with President Trump’s promise not to tamper with Americans’ earned benefits.”
“It signals where Trump’s MAGA allies in Congress are heading—toward privatization and benefit cuts, something the majority of Americans across party lines say they do not want,” Richtman added.
A view of the damaged area after a deluge brought up to 200 liters of rain per square meter (50 gallons per square yard) in hours in towns across the region of Valencia, Spain on October 30, 2024. (Photo: Alex Juarez/Anadolu via Getty Images)
“These disasters are only getting worse, and stopping the industries and systems driving climate collapse is the only rational response,” one climate group said.
Spain’s deadliest flooding in 30 years killed at least 72 people as torrential rain slammed the eastern region of Valencia on Tuesday, with some towns recording a year’s worth of rain in a single day.
The flooding sent churning muddy water down narrow streets, tossing cars, downing trees, bulldozing bridges and buildings, and trapping people in rising flood waters.
“The neighborhood is destroyed, all the cars are on top of each other, it’s literally smashed up,” Christian Viena, who owns a bar in Valencia’s Barrio de la Torre, told The Associated Press. “Everything is a total wreck, everything is ready to be thrown away. The mud is almost 30 centimeters (11 inches) deep.”
As of Wednesday morning, officials reported 70 deaths in Valencia and two in the bordering region of Castilla La Mancha. However, the death toll could rise as search and rescue operations continue amid difficult conditions, such as power outages and blocked roadways. Many people remain missing with their fates uncertain.
This includes residents of Utiel in Valencia, whose mayor, Ricardo Gabaldón, told Spanish broadcaster RTVE that Tuesday was the “worst day of my life.”
“We were trapped like rats,” Gabaldón said. “Cars and trash containers were flowing down the streets. The water was rising to 3 meters (9.8 feet).”
One person who was rescued was Denis Hlavaty, who spent the night perched on the edge of the roof of a gas station where he works.
“It’s a river that came through,” Hlavaty told Reuters, adding, “The doors were torn away and I spent the night there, surrounded by water that was 2 metres (6.5-feet) deep.”
“The fossil fuel industry increases the climate emergency, destroys the balance of critical ecosystems, and puts people’s lives in danger.”
The storm also canceled high-speed rail travel between Valencia and Madrid and Barcelona, and derailed one high-speed train near Malaga, though no one was injured.
While the rains had tapered off in Valencia by Wednesday morning, the rest of the country is not out of danger, as the storm is projected to move northeast.
“We mustn’t let our guard down because the weather front is still wreaking havoc and we can’t say that this devastating episode is over,” Spanish Prime Minister Pedro Sánchez told the nation on television Wednesday.
Even if the death toll does not rise, Tuesday’s floods are already the deadliest in Spain since 1996, when a flood near the Pyrenees killed 87. They are also the deadliest in Europe since floods in 2021 that killed at least 185.
In the immediate term, Tuesday’s deluge was caused by a phenomenon called a gota fría, or “cold drop,” a storm formed as cold air moves over the warm Mediterranean. In Spain, these kinds of storms are also commonly referred to with the acronym DANA—for Depresión Aislada en Niveles Altos, or isolated high-level depression.
However, scientists observe that the climate crisis is making rainstorms like this one more extreme, as warmer air can hold more moisture to dump when conditions are right. For Europe specifically, the warming of the Mediterranean causes more water to evaporate from its surface, super-charging rainstorms.
“Events of this type, which used to occur many decades apart, are now becoming more frequent and their destructive capacity is greater,” Ernesto Rodriguez Camino, senior state meteorologist and a member of the Spanish Meteorological Association, told Reuters.
The Spanish flooding comes a little more than a month after record rainfall swamped Central Europe and Eastern Europe, in an event that scientists concluded was made approximately twice as likely and 7% more severe by the climate crisis fueled primarily by the burning of fossil fuels.
“When we talk about climate change and climate emergency, it’s often perceived as an abstract concept far from our daily reality,” Eva Saldaña, the executive director of Greenpeace Spain, said in a statement. “Unfortunately, this is climate change: the intensification of extreme weather phenomenons like what happened tonight, with the level of destruction greater each time. Ignoring it causes deaths that we cannot allow.”
In a post on social media, Greenpeace Spain said that fossil fuel companies including the Spanish Repsol should pay for the damages.
“DANAS are more intense every time due to climate change,” the group wrote. “The fossil fuel industry increases the climate emergency, destroys the balance of critical ecosystems, and puts people’s lives in danger.”
⛈️Las DANAS son cada vez más intensas por el cambio climático. La industria fósil aumenta la emergencia climática, destruye el equilibrio de ecosistemas críticos del planeta y pone en peligro la vida de las personas.
Extinction Rebellion Global agreed. “These disasters are only getting worse, and stopping the industries and systems driving climate collapse is the only rational response,” the group wrote on social media.
The U.S.-based Climate Defiance, meanwhile, shared images of flood-ravaged streets with dismissals often leveled at climate activists.
Yellow Dot Studios, Don’t Look Up director Adam McKay’s climate-focused media studio, also shared an image of cars dropped in piles in the street by the flood waters to call out the double-standard in how direct-action climate protests and the corporate crimes of the fossil fuel industry are punished.
Friends of the Earth Spain focused on the human impacts, arguing that urgent climate action meant “putting people’s lives, and not economic models, at the center.”
“Don’t prioritize sending people to work in extreme and dangerous conditions,” the group wrote. “It is a priority to take effective, ambitious, and urgent measures in response to the climate crisis we are living through.”
Tesla CEO Elon Musk attends a campaign rally with Republican nominee Donald Trump on October 5, 2024 in Butler, Pennsylvania. (Photo: Kevin Dietsch/Getty Images)
In the third quarter of 2024, Elon Musk, Miriam Adelson, and Richard Uihlein donated a combined $220 million to super PACs supporting the Republican nominee.
Prominent members of the United States’ billionaire class have shelled out massive sums in the final stretch of the 2024 campaign to elect one of their own, Republican nominee Donald Trump, to the White House, with Tesla CEO Elon Musk donating nearly $75 million in recent months to a super PAC supporting the former president’s bid for a second term.
According to federal filings made public Tuesday, at least six other billionaires joined Musk in donating to pro-Trump super PACs in the third quarter of 2024: Miriam Adelson, the widow of casino magnate Sheldon Adelson; businessman Richard Uihlein, the heir to a brewing fortune; David Millstone, co-CEO of Standard Industries; Diane Hendricks, co-founder of ABC Supply; Kelcy Warren, the chair of Energy Transfer Partners; and financier Ike Perlmutter.
Combined, Musk, Adelson ($95 million), and Uihlein ($49 million) funneled around $220 million over the past three months to super PACs supporting Trump, whose campaign has also received huge financial support from reclusive GOP megadonor Timothy Mellon.
Musk, the world’s richest man and owner of the critical social media platform X, sent roughly $75 million in donations to his pro-Trump America PAC, which has been accused of voter deception. The Guardian‘s Hugo Lowell noted that Musk’s PAC is “doing the bulk of the Trump campaign’s ground game work across the battleground states,” and the billionaire has been using his social media platform to incessantly promote the former president.
As The New York Times reported earlier this month, America PAC has offered to pay $47 to those who help the organization “find Trump voters.”
The head of the American Federation of Government Employees expressed alarm last month over Trump’s push for a “government efficiency commission” headed by Musk, warning that the two billionaires only “care about one thing: lining their own pockets.”
NEW: America PAC just released their quarterly filing. Elon Musk funded it to the tune of $75 million. pic.twitter.com/mkBsWyVysk
In an X post early Wednesday, Musk announced that he “will be giving a series of talks” throughout the key battleground state of Pennsylvania over the next several days as part of his effort to boost the Trump campaign, whose fundraising operation has struggled to keep up with that of Democratic nominee Kamala Harris.
“Tuesday’s filings show that a high-dollar fundraising committee that channels money to her campaign and aligned Democratic committees, took in $633 million during the third quarter—four times the amount raised by Trump’s equivalent fundraising arm in that time,” CNN added.
The Washington Post emphasized that “a full picture of the financial strength of the Trump and Harris efforts will not be available until Sunday, when the campaigns and parties file detailed reports with the Federal Election Commission.”
This year’s election is on track to be the most expensive in U.S. history, according to the campaign finance watchdog OpenSecrets, with at least $15.9 billion flowing to candidates for federal office and super PACs—an outgrowth of the Supreme Court’s 2010 Citizens United decision.
A report published last month by the progressive advocacy group Americans for Tax Fairness (ATF) estimated that by the end of August, just 150 billionaire families in the U.S. had spent nearly $1.4 billion attempting to influence the outcome of the 2024 election.
“Billionaires are making their ‘voices’ heard—make sure theirs don’t drown out yours,” ATF wrote in a social media post on Tuesday, urging people to turn out to vote next month.
