The wealth of the ten richest Americans grew by a staggering $365 billion over the past year, according to a new analysis by Oxfam, underscoring the continued concentration of wealth among the ultra-rich even as lawmakers weigh a sweeping tax reform bill.
The report, which measured wealth gains between April 2024 and April 2025 using data from Forbes’ Real Time Billionaires List, found that Tesla CEO Elon Musk alone saw his net worth rise by $186.1 billion, accounting for just over half of the total increase.
Other billionaires seeing significant gains included Meta CEO Mark Zuckerberg and Walmart heir Rob Walton, each with an increase of $38.7 billion, along with Warren Buffett (+$34.8 billion) and Jim Walton (+$36.5 billion). Not all billionaires experienced gains; Google co-founders Larry Page and Sergey Brin saw declines in their net worth.
Debate Over Tax Policy Intensifies
The wealth growth comes as Congress debates the “One Big Beautiful Bill Act,” a Republican-led proposal that would extend the 2017 Tax Cuts and Jobs Act and introduce new tax reductions on tips and overtime. The bill is a major priority for former President Donald Trump and Republican lawmakers, who argue it would support economic growth and provide relief to working families.
According to the Congressional Budget Office (CBO), the bill would increase economic output by 0.5% over 10 years and 1.7% over 30 years, driven by greater savings and labor participation. However, the CBO also estimates the legislation would add $3.8 trillion to the national debt over the next decade.
The Penn Wharton Budget Model projects similar outcomes and notes the bill’s benefits would be unevenly distributed: the top 10% of earners would receive about two-thirds (65%) of the total tax benefits, while the bottom 20% of earners could lose about $1,035 in 2026 due to reduced federal spending on programs such as Medicaid and food assistance.
Differing Views on Wealth Inequality
Oxfam and some progressive policymakers argue the Republican tax bill would deepen inequality. The organization estimates that a 3% wealth tax on net worth above $1 billion could generate $50 billion annually from just the top ten billionaires — enough to fund one year of food assistance for 22.5 million Americans.
“Billionaire wealth has increased astronomically while so many ordinary people struggle to make ends meet,” said Rebecca Riddell, Oxfam America’s senior policy lead for economic and racial justice.
Critics of a wealth tax, however, say it would be difficult to implement, citing challenges in accurately valuing assets and constitutional concerns. Some legal experts question whether taxing wealth rather than income would withstand judicial scrutiny.
Impact on Deficit and National Debt
The tax debate is unfolding amid growing concern over the U.S. national debt, which has now surpassed $36 trillion. Last week, Moody’s Ratings downgraded the U.S. government’s perfect credit rating, citing rising debt and interest payments.
While the White House has defended the proposed tax legislation as a way to bolster long-term economic stability, watchdog groups like the Committee for a Responsible Federal Budget warn the bill could worsen the deficit. Their analysis suggests it could add $5.2 trillion to the debt over a decade if temporary provisions are made permanent.
Despite these concerns, Trump administration officials say the bill builds on past successes. “Wealth inequality in the United States actually decreased for the first time in decades during President Trump’s first term,” said White House spokesman Kush Desai, pointing to tax cuts, deregulation, and increased domestic energy production as key drivers.
The bill is expected to face continued debate in the coming weeks as lawmakers weigh the benefits of economic stimulus against the potential costs of reduced federal revenue and expanded deficits.
