- The richest 100 Americans gained $1.5 trillion in wealth during President Biden’s term in office, and Tesla CEO Elon Musk’s net worth more than doubled during that time.
The richest Americans, decried by President Biden in his farewell address as an “oligarchy” threatening democracy, fared exceptionally well during his time in office.
The 100 wealthiest citizens saw their cumulative net worth skyrocket more than $1.5 trillion, from when Biden’s term began in 2021 until President-elect Donald Trump won in November, Bloombergreported. Among the biggest gainers were Elon Musk, Larry Ellison, and Mark Zuckerberg, according to the Bloomberg Billionaires Index.
Musk’s wealth has increased the most by far during the Biden years. While only worth about $100 billion when Biden was elected in 2020, Musk’s wealth has skyrocketed to $450 billion since then. His net worth more than doubled during the past four years, Bloomberg reported.
Among the biggest beneficiaries, Musk and Ellison both have a cozy relationship with Biden’s successor, Donald Trump. Zuckerberg has also recently tried to gain favor with Trump, including by agreeing to co-host host a reception following his inauguration Monday.
But it was under Biden that the super rich benefited from a stock market and housing boom that added about $36 trillion overall to the wealth of American households, as of September. The richest 0.1% of Americans benefited the most from the bonanza of the past four years, growing their share of U.S. Household wealth to around $22.1 trillion.
The share of U.S. Household wealth held by the ultra rich is now just shy of 14%, the highest level in Fed estimates dating back to the ‘80s, Bloomberg reported.
In his farewell address, Biden called out this disparity, and labeled the growing influence of the richest echelon as a threat to the country.
“Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms and a fair shot for everyone to get ahead,” he said.
Because of the inflation spike that began in 2021, the richest Americans did better in terms of real purchasing power during Trump’s previous term, which ended in 2020, Bloomberg reported.
Still, under both presidents, the super rich did well. The combined fortune of the 100 richest Americans now exceeds $4 trillion, or more than twice the GDP of Spain.