Wealth Transfer
The Wall Street Journal explained that there were 927 American billionaires in 2020 and 1,135 in 2024. Together, they are worth about $5.7 trillion. The 100 richest of the set control more than half of the total at about $3.86 trillion. As the number of billionaires grew, “supply side” economic policies in the U.S., designed to concentrate wealth at the top of the economy among investors rather than on the “demand side” made up of consumers, hollowed out the middle class. From 1975 to 2018, at least $50 trillion moved from the bottom 90% to the top 1%.
