New research published on Monday reveals that the 10 wealthiest individuals in the United States have seen their combined net worth increase by nearly $700 billion since President Donald Trump secured a second term in the White House. This growth has been accompanied by significant tax cuts aimed at the top earners, according to findings from Oxfam America.
The report, titled *Unequal: The Rise of a New American Oligarchy and the Agenda We Need*, highlights a long-term trend of upward wealth redistribution, which has significantly benefited the ultra-wealthy while exacerbating economic hardship for working-class families. It notes that between 1989 and 2022, the least affluent household in the top 1% gained 987 times more wealth than the most affluent household in the bottom 20%.
Oxfam also points out that as of last year, over 40% of the U.S. population was classified as poor or low-income. In 2025, the share of total U.S. assets owned by the top 0.1% reached a record high of 12.6%, underscoring the growing concentration of wealth at the upper end of the economic spectrum.
The Trump administration, in collaboration with Republican lawmakers in Congress, has been criticized for accelerating this trend of inequality. The report states that the administration has “moved with staggering speed and scale to carry out a relentless attack on working-class families,” using its influence to further enrich the wealthy and well-connected.
Abby Maxman, president and CEO of Oxfam America, remarked that the data confirms a widespread perception: “The new American oligarchy is here.” She emphasized that while billionaires and large corporations thrive, many working families face challenges in affording basic necessities such as housing, healthcare, and groceries.
Maxman added that the current administration and congressional Republicans risk intensifying these inequalities during the ongoing government shutdown, which she described as an attack on working people. She noted that while the policies are not entirely new, they represent a consolidation of power that threatens democratic principles.
“Today, we are seeing the dark extremes of choosing inequality for 50 years,” Maxman said.
Oxfam released the report amid continued controversy over the Trump administration’s actions, including the illegal withholding of federal nutrition assistance from millions of low-income households. This follows the passage of a budget law expected to provide hundreds of billions of dollars in tax breaks to the wealthiest Americans and large corporations.
In response to the deepening inequality, Oxfam calls for a comprehensive policy agenda focused on “rebalancing power.” This includes measures such as a wealth tax on multimillionaires and billionaires, increased corporate taxation, expansion of the child tax credit, stronger antitrust enforcement, a federal job guarantee, universal childcare access, and a substantial increase in the minimum wage.
Elizabeth Wilkins, president and CEO of the Roosevelt Institute, echoed these concerns in her foreword to the report. She stated that the proposed policies—centered on redistributing power, reforming the tax code, strengthening social safety nets, and supporting workers’ rights—are essential for building a more inclusive and cohesive society. These initiatives, she wrote, reflect fundamental human needs: security, agency, and freedom from exploitation.
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