22% Boost in 2025 Lifted Total Wealth of Nation’s Billionaires to $8.2 Trillion

As President Trump’s second term nears one year, billionaire wealth has surged while average Americans struggle. A new Americans for Tax Fairness (ATF) analysis of Forbes data shows billionaire wealth grew 22% in 2025, from $6.7 trillion to $8.2 trillion. The number of billionaires increased from 814 to 935. Due to the Buy, Borrow, Die loophole, this wealth growth may never be taxed.

“Last year, President Trump took his oath of office surrounded by the world’s richest billionaires, and since then he has done nothing but enrich his elite backers at the expense of everyday Americans,” said David Kass, ATF’s executive director. “Over his first year back in office, billionaires have seen a trillion-and-a-half-dollar increase in their collective wealth. Meanwhile, everyday Americans have faced massive cuts to essential programs like SNAP, Medicaid, and ACA tax credits—all while the cost of living continues to rise. If we want an economy and tax system that works for all of us, not just the ultra-wealthy, we need to pass Senator Wyden’s legislation that makes billionaires pay their fair share.”

Source: Americans for Tax Fairness analysis of Forbes data