Oxfam America’s recent report highlights the escalating wealth inequality in the U.S., revealing that the ten richest billionaires gained $698 billion in just a year and saw their wealth increase by 526% since 2020. The richest 0.0001% control more wealth than during the Gilded Age. The report indicates that the wealth of the top 1% dominates the stock market, with the top 0.1% owning 12.6% of assets—an all-time high since 1989.
The article emphasizes the tech oligarchy, noting that nine of the top ten billionaires are from the tech industry, largely aligned with conservative politics, especially those supportive of former President Trump. It discusses the transformation of the tech sector’s political affiliations, which has shifted towards more right-wing attitudes, particularly after the perceived hostilities from the Biden administration.
Despite their wealth growing during Biden’s presidency, tech leaders express animosity toward him, driven by their desire for adulation and less financial regulation. The piece also mentions financial anxiety among billionaires regarding political changes, particularly concerning potential tax increases or social programs. Additionally, the tech oligarchs are becoming more active in political funding, positioning themselves as significant players in future elections.
