In the past 15 years, America’s wealthiest citizens didn’t just get richer—they rewrote the makeup of the ruling class. The number of billionaires nearly tripled. Their wealth? Doubled. Their political power? Off the charts.

In just 15 years, America’s billionaire class has exploded in size, wealth, and influence, reshaping not just the economy, but the rules themselves. This isn’t just a story about inequality in income or wealth. It’s about power—who has it, who wields it, and who gets left behind. Today, inequality in the U.S. is no longer just an economic indicator. It’s a political reality.

An Economic Imbalance Unique to America

According to Forbes, the number of U.S. billionaires has nearly tripled since 2007, up from 329 just under 20 years ago to 877 today. No other country in the world can match this trajectory. China’s billionaire class is stalling. Germany, Russia, and India are all distant followers. This is an acquisition of wealth on a scale that’s unique to America.

America isn’t just creating more billionaires. It’s creating more billionaires, with more money. In 2025, American billionaires—just 29% of the global total—controlled 42% of all billionaire wealth worldwide. More than the billionaires of China, Germany, Russia, and India combined.

Fewer People, Bigger Bank Balances

A narrow set of industries dominate the billionaire landscape. Finance and technology account for nearly half of all U.S. billionaires, according to Forbes. In fact, this tiny elite of tech titans holds more wealth than entire nations. While just 19% of billionaires are in tech, they command 37% of total billionaire wealth.

This isn’t just innovation powered by tech know-how—it’s inequality engineered by the elite.

The digital age has minted a class of “new money” oligarchs whose influence stretches beyond the economy into media, philanthropy, and even outer space. At the top of the rich list sit the founders of companies like Amazon, Tesla, Oracle, and Meta, whose net worths surge with every bump in market valuation. Their rise reflects a broader shift: modern wealth creation now favors those who control data, networks, and capital—not labor or land..

Where Do All The Billionaire’s Live?

The mega rich are not fleeing high-tax states. The data shows California and New York—two states with relatively progressive tax codes—are home to 40% of all U.S. billionaires in 2025. California alone is home to roughly a quarter of all American billionaires, and New York about one in six.They could be your neighbor.

This reality — supported in seminal research by Cristobal Young — undercuts a favorite narrative of anti-tax lobbyists. Far from driving them away, these states’ robust economies, tech and finance hubs, and quality of life attract and retain the ultra-rich.

The Ascent of the Billionaire Political Class

Your vote costs $0. Billionaire influence? Try $420 million. In the new post-Citizens United era of unlimited contributions, the wealthiest Americans are now dominant political actors, shaping public policy that entrench their interests. In 2024, the top 10 political donors—all billionaires—included Elon Musk, Jeff Yass, Ken Griffin, and Miriam Adelson. Most have seen their net worths double or triple since 2007.

As fast as new billionaires are emerging, the line between economic power and political power is disappearing.

American Inequality: A Global Outlier

Of the top 20 countries with the most billionaires in 2025, the U.S. ranks as one of the most unequal: the top 1% of Americans capture 21% of total national income, a share higher than in Germany, Japan, France, or the UK.

As data from the World Inequality Database shows, the bottom 50% of Americans now take home a smaller share of income than they did in the 1970s. The top 1% have seen their share rise sharply.

This economical and political imbalance didn’t happen by accident. It’s been shaped by decades of tax cuts, deregulation, and capital-friendly policymaking—often backed by the same billionaires who now dominate the donor class.

Policy by the Few, for the Few

The latest example is the House’s 2025 “Big Beautiful Bill,” which—despite its populist branding—delivers its biggest gains to the ultra-wealthy while slashing programs like Medicaid. Households earning less than $51,000 per year will see their incomes shrink, while billionaires could gain more than $390,000 per year in after-tax income.

Conclusion

The billionaire class has rewritten the rules of American capitalism. Their numbers are growing, their wealth is accelerating, and their influence is reshaping the economy—and democracy itself. The net effect is a nation increasingly responsive to billionaires’ preferences, often at the expense of the broader public interest.