The Top 10 Wealthiest Americans Collectively Gained $1 Billion Every Day in 2024

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The 10 wealthiest Americans collectively gained $365 billion in 2024, according to a new Oxfam report. That translates to an average of $1 billion a day for all ten individuals. Ironically, these staggering figures come as House Republicans push forward a tax plan that could further increase those gains while cutting programs that support millions of working families.

Analysis from Oxfam used data from Forbes’ Real Time Billionaires List. Elon Musk alone accounted for more than half of the increase, with his net worth jumping by $186 billion. Other major gainers included Mark Zuckerberg and Rob Walton, who each added around $38 billion, and Warren Buffett, who gained $34.8 billion. Oxfam noted that it would take ten average U.S. workers earning the median salary more than 726,000 years to match the daily gain collected by the wealthiest Americans.

The report also estimated that if those billionaire wealth gains were taxed as ordinary income, they would owe $135 billion in federal taxes. That sum could nearly triple the current budget for federal rental assistance.

Billionaire Gains Rise as Tax Cuts Advance

The release of the report coincided with the House passage of President Donald Trump’s Reconciliation Bill, informally called the “One Big Beautiful Bill.” The legislation would extend and expand the 2017 Tax Cuts and Jobs Act. Its provisions include maintaining lower income tax rates for top earners, introducing temporary cuts for overtime and tips, and eliminating funding for various social programs.

According to the Penn Wharton Budget Model, roughly 65 percent of the bill’s benefits would go to the upper ten percent wealthiest Americans. In contrast, households in the bottom twenty percent would lose about $1.035 billion annually due to cuts to Medicaid, food assistance, and other safety nets. The Congressional Budget Office projects that over $1 trillion in federal support would be slashed to make room for the new tax reductions.

Rebecca Riddell, senior policy lead at Oxfam America, warned that the current tax trajectory is designed to benefit asset holders while reducing protections for wage earners. She argued that the structure could help pave the way for the world’s first trillionaire to emerge from the ranks of the wealthiest Americans.

Trump Team Defends Economic Strategy

The White House insists that the tax bill will lead to sustained economic growth. Officials cite projections showing that the legislation could increase gross domestic product by 0.5 percent over ten years and 1.7 percent over thirty years. They argue that the cuts will encourage investment and workforce participation.

A spokesperson for the administration said that the bill locks in the successes of Trump’s first term. Those policies, they claim, contributed to a rare decline in wealth inequality through tax relief, deregulation, and energy development. The goal now, they argue, is to replicate those gains at scale.

However, some members of Congress and outside analysts remain skeptical. Representative Thomas Massie described the notion that the bill would not add to the deficit as unrealistic. Independent groups, including the Committee for a Responsible Federal Budget, estimate the bill would add at least $3.3 trillion to the national debt over the next decade. If temporary provisions become permanent, the cost could rise to $5.2 trillion.

Debt Warnings and Economic Divide

The United States now carries over $36 trillion in national debt. Moody’s recently downgraded the country’s credit outlook, citing rising borrowing and the absence of credible long-term fiscal planning. In its announcement, the agency specifically noted that the proposed legislation would likely worsen those concerns.

Even so, the bill moves next to the Senate, where the outcome remains uncertain. Supporters say it represents a chance to renew growth. Critics say it rewards the wealthiest Americans while pulling critical support away from those who need it most. The divide is no longer just about policy. It is about who the tax code is designed to protect.

Do you believe the Trump tax plan also protects ordinary people and not just the wealthiest Americans? Tell us what you think.

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