Joe Biden warns Americans of oligarchy, but world’s richest got $1.5 trillion richer under his term, finds report
After outgoing US President Joe Biden recently warned Americans of the threat oligarchy poses for the country, a Fortune report found that the world's richest consolidated wealth and became $1.5 trillion richer in his term.
Even as outgoing United States President Joe Biden recently warned Americans that the country is moving towards an oligarchy, a Fortune report found that the world's richest 100 consolidated wealth and became $1.5 trillion richer under his administration.
In his farewell address, Biden called out the disparity as the 100 richest Americans now hold a combined fortune of $4 trillion — twice the GDP of Spain, according to a Bloomberg report. He also called the oligarchy 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.
The report tracked the Bloomberg Billionaires Index (BBI) to note that Elon Musk, Larry Ellison and Mark Zuckerberg were the biggest gainers.
World's Richest Person Elon Musk Doubled Wealth
In fact, the Tesla and SpaceX CEO Musk saw the majority of his wealth jump under Biden. Musk was worth $100 billion in 2020 when Biden was elected, and at the end of his term now is worth $450 billion — more than double, as per Bloomberg data.
The mega rich particularly benefitted from the stock market bull run under Biden, which added $36 trillion to American households till September. Of this, a whopping $22.1 trillion was pulled by the richest 0.1 per cent Americans, as per the report.
Progressives are frustrated by Biden
According to an AP report, the Democratic Party's left wing is frustrated that Biden's warning came just before he leaves office. For decades, they have warned that America is moving toward an oligarchy — wherein a handful of billionaires controls much of the nation's wealth and political power.
“Now he tells us,” Sen. Sheldon Whitehouse, D-R.I., wrote on X, referring also to Biden's ideas for the U.S. Supreme Court. “Biden speaks out against dark money, for climate action, and for SCOTUS term limits. I pressed four years for this speech.”
Key figures in the party's far-left wing, especially those close to independent Vermont Sen. Bernie Sanders, were less cautious in their remarks. “It’s cowardly that after representing the oligarchs for 50 years in office, he calls out this threat to our nation with just days left in his presidency. (Biden) enabled, benefited from and emboldened the system that threatens us all, while he will ride off into the sunset and won’t feel the harms of what’s been built,” said Nina Turner, a national co-chair for Sanders' last presidential campaign.
Marianne Williamson, who ran a long-shot presidential primary campaign against Biden and is now running for DNC chair, declined to give Biden credit for his latest remarks. “This is news?” she said of the outgoing president's assessment. She added that America has been ruled by an oligarchy for years and called tech billionaires like Musk “Oligarchy 2.0.”
The report added that the debate over the influence of billionaires in US politics could have major implications for the policies that come out of Washington and the political landscape in future elections. Case in point: While Trump has cast himself as a fighter for the working class, the incoming Republican president is set to assemble the wealthiest presidential administration in history. He has tapped more than a dozen billionaires to take government posts, including Musk, the world's richest man, with a net worth exceeding $400 billion.
(With inputs from Agencies)
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Business NewsCompaniesPeopleJoe Biden warns Americans of oligarchy, but world’s richest got $1.5 trillion richer under his term, finds report
First Published:18 Jan 2025, 02:36 PM IST
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