03/01/25

US: Billionaire wealth hits $10 trillion as Sanders warns of oligarchic rule

As published on: nationofchange.org, Friday 3 January, 2025.

Quick summary:
• The combined wealth of the 500 richest individuals worldwide reached $10 trillion in 2024, a record high driven largely by tech stock gains and other economic factors.

• Eight tech billionaires, including Elon Musk, Mark Zuckerberg, and Jeff Bezos, added more than $600 billion to their collective net worth, representing 43% of the $1.5 trillion increase among the world’s wealthiest individuals.

• Elon Musk’s fortune increased by $213 billion to $442.1 billion, the largest personal wealth gain of the year, making him the wealthiest person on the planet.

• President-elect Donald Trump’s net worth also reached record levels, buoyed by the performance of his majority stake in Trump Media & Technology Group and strong fundraising for his reelection campaign.

• The incoming Republican-controlled Congress plans to pursue additional tax cuts for billionaires and corporations, following previous tax policies that benefited the ultra-wealthy.

• Bernie Sanders warned about growing wealth inequality, citing concerns over billionaires’ increasing influence on the economy, politics, and media in the United States.

• Trump’s billionaire-dominated Cabinet and policies are expected to further shape the political landscape in favor of the wealthiest individuals.

A recent Bloomberg analysis revealed that the combined wealth of the world’s 500 richest individuals reached a staggering $10 trillion in 2024, fueled by surging U.S. technology stocks and a politically favorable environment for billionaires. The findings come as U.S. Senator Bernie Sanders issues a sharp warning about the dangers of wealth concentration, urging action to prevent the erosion of democracy and the rise of oligarchic rule.

“This is the defining issue of our time,” Sanders wrote in an email to supporters, calling attention to the growing influence of billionaires on politics, the economy, and public discourse. “They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future.”

The Bloomberg analysis highlighted that 2024 was a record-breaking year for billionaire wealth, with the fortunes of the top 500 individuals surging by $1.5 trillion. Of that increase, $600 billion was concentrated among just eight tech billionaires: Elon Musk, Mark Zuckerberg, Jensen Huang, Larry Ellison, Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin. Musk alone saw his net worth grow by $213 billion, bringing his total fortune to $442.1 billion.

But Musk’s financial success extends beyond his personal gains. Dubbed Trump’s “first buddy” after significant financial contributions to the president-elect’s reelection campaign, Musk has used his wealth and influence to shape U.S. politics. His ownership of a major social media platform and his role in the 2024 election have raised concerns about the outsized power of billionaires in steering public policy and democratic processes.

President-elect Donald Trump also saw his fortune hit new highs in 2024, largely due to the success of his majority stake in Trump Media & Technology Group. Trump’s reelection campaign was marked by record fundraising, with billionaires and corporations pouring money into his inauguration committee and associated events. Reports suggest that Trump personally inquired about corporate contributions, signaling potential favoritism toward companies that donated the most.

Trump’s incoming administration and Republican-controlled Congress are poised to exacerbate wealth inequality further, with plans to implement additional tax cuts for the ultra-wealthy and large corporations. Such policies are likely to widen the gap between billionaires and ordinary citizens, already struggling with stagnant wages and rising living costs.

Sanders’ warning reflects a broader concern about the consolidation of wealth and power among a small group of individuals. “A manifestation of the current moment is the rise of Elon Musk, and all that he stands for,” Sanders wrote, pointing to Musk’s political and economic influence. The senator also highlighted how billionaire-owned media outlets interfered with editorial decisions during the 2024 election, overriding board endorsements to support Trump.

“Their influence extends beyond their wealth,” Sanders continued. “They control the information we consume, the policies we debate, and, increasingly, the outcomes of our elections.”

This phenomenon is not confined to the U.S. While American billionaires dominated the 2024 wealth surge, Chinese billionaires also experienced gains for the first time in three years, collectively adding 14% to their fortunes. Meanwhile, French billionaires in the luxury sector suffered significant losses, reflecting the volatility of certain industries.

Sanders has made combating wealth inequality and oligarchic power central to his political agenda. He has outlined a vision for a more just economic system that prioritizes healthcare as a human right, fair taxation, and protections for democratic institutions. While acknowledging the challenges posed by Trump’s presidency and Republican dominance in Congress, Sanders stressed the importance of organizing the working class and advancing a progressive agenda.

“We are fighting not only for ourselves. We are fighting for our kids and future generations, and for the well-being of the planet,” Sanders said. He pledged to travel, hold events, and create content aimed at mobilizing grassroots support for progressive reforms.

The incoming Republican-controlled Congress is planning to propose additional tax cuts aimed at billionaires and large corporations, building on previous tax policies that disproportionately benefited the ultra-wealthy. Meanwhile, Sanders has indicated his plans to organize and rally working-class Americans, advocating for systemic changes to address wealth inequality and the consolidation of power among billionaires.

Sanders stated, “If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time.” His efforts are expected to include organizing public events and disseminating materials aimed at mobilizing grassroots support.

As 2025 begins, the wealth gap remains a pressing issue, with debates about economic justice and democratic representation likely to dominate discussions in the years to come.

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US Sanders Billionaire wealth