The wealth of the United States’ billionaire class experienced significant growth during the first year of the second administration of Donald Trump. The combined wealth of the richest 15 billionaires surged by 33 percent, rising from $2.4 trillion to $3.2 trillion over the course of 2025. This growth was notably higher than the 16.4 percent increase of the S&P 500 during the same period.
According to an analysis by the Institute for Policy Studies, the total wealth of all U.S. billionaires reached $8.1 trillion by the end of 2025, marking a 21 percent increase from $6.7 trillion in 2024. The number of billionaires in the country also grew, from 813 at the end of 2024 to 935 by the close of 2025.
Key Billionaire Gains and Wealth Dynasties
The three wealthiest dynastic families in the U.S.—the Waltons, Mars, and Koch families—saw their collective wealth rise from $657.8 billion to $757 billion. This represents a 16 percent gain within a single year. The Walton family, comprised of seven members, held a combined wealth of $483 billion, up from $404.3 billion. The Mars family, consisting of six members, experienced a decrease to $120 billion from $130.4 billion, while the Koch family’s wealth grew to $154.8 billion from $121.1 billion.
The individual rankings among billionaires shifted dramatically over the year. On January 1, 2026, the top five billionaires were:
– Elon Musk (Tesla/X and SpaceX) with $726 billion, up from $421 billion.
– Larry Page (Google) with $257 billion, an increase from $156 billion.
– Larry Ellison (Oracle) at $245 billion, up from $209 billion.
– Jeff Bezos (Amazon) with $242 billion, compared to $233.5 billion a year earlier.
– Sergey Brin (Google) at $237 billion, up from $148.9 billion.
These figures underscore the dramatic wealth accumulation seen among top billionaires, particularly since the onset of the COVID-19 pandemic in early 2020.
Wealth Surge Post-Pandemic
Many billionaires have experienced substantial increases in their fortunes since the pandemic began. For instance, Elon Musk‘s wealth skyrocketed from just under $25 billion on March 18, 2020, to $726 billion by the end of 2025, a staggering 2,800 percent increase. Similarly, Jeff Bezos saw his wealth rise from $113 billion to $242 billion within the same timeframe.
Among the Walton family members, Jim, Alice, and Rob collectively saw their assets grow from $161.1 billion during the pandemic’s onset to $378 billion by the close of 2025.
The data illustrates a significant concentration of wealth among a small number of individuals and families, raising important discussions about economic inequality in the United States.
Chuck Collins, a senior scholar at the Institute for Policy Studies, has extensively researched this issue. His recent book, Burned by Billionaires: How Concentrated Wealth and Power is Ruining Our Lives and Planet, explores the implications of concentrated wealth, while his novel Altar to An Erupting Sun examines community responses to climate disruption. Collins has authored several reports on inequality and the racial wealth divide, including The Wealth Hoarders: How Billionaires Spend Millions to Hide Trillions.
As the wealth gap continues to widen, the experiences of these billionaires serve as a stark reminder of the economic disparities that persist in society.
