American ‘Oligarchy’ Decried by Biden Gained $1.5 Trillion in His Term
- Led by Musk, top 0.1% own biggest share of US wealth on record
- Biden term saw across-board gains though inflation offset some
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The very richest Americans are among the biggest winners from President Joe Biden’s time in office, despite his farewell address warning of an “oligarchy” and a “tech industrial complex” that threaten US democracy.
The 100 wealthiest Americans got more than $1.5 trillion richer over the last four years, with tech tycoons including Elon Musk, Larry Ellison and Mark Zuckerberg leading the way, according to the Bloomberg Billionaires Index. The top 0.1% gained more than $6 trillion, Federal Reserve estimates through September show.