The very richest Americans are among the biggest winners from President Joe Biden’s time in office, despite his farewell address warning of an “oligarchy” and a “tech industrial complex” that threaten US democracy

President Joe Biden’s tenure in office has coincided with a sharp increase in wealth for the richest Americans, despite his warnings about the growing threat posed by a concentration of power in the hands of the ultra-wealthy and the influence of a “tech industrial complex” on US democracy.

According to the Bloomberg Billionaires Index, the wealth of the 100 richest Americans surged by more than $1.5 trillion over the past four years, with tech magnates such as Elon Musk, Larry Ellison, and Mark Zuckerberg leading the way. The wealth of the top 0.1% of Americans grew by over $6 trillion, according to Federal Reserve estimates through September.

In a speech on Wednesday, Biden warned that an oligarchy is forming in America, fueled by extreme wealth and power, which threatens democracy and the rights of ordinary citizens. “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.

During Biden's presidency, the wealthiest Americans benefited from a booming economy, bolstered by the post-pandemic recovery. The stock and housing markets saw significant growth, leaving American households $36 trillion wealthier than when Biden took office. While income and wealth distribution improved across various groups, the concentration of wealth at the top has become more pronounced.

The 100 richest Americans saw their collective net worth rise by 63% during Biden’s presidency, growing to over $4 trillion. This is more than the combined net worth of the bottom half of Americans, spread across 66.5 million households. The share of total US wealth held by the top 0.1% is now at its highest point since the Federal Reserve began tracking this data in the 1980s.

Experts note that the growth in wealth at the top of the income distribution is often linked to strong economic growth, which has been supported by innovation and productivity, particularly in technology. The US stock market has nearly tripled over the past eight years, with the top 10% of Americans holding the majority of stock and mutual fund wealth.

Biden also warned about the growing influence of tech billionaires, such as Musk, who saw his fortune skyrocket from $100 billion on Election Day 2020 to an estimated $450 billion today. Musk’s wealth has more than doubled since Biden took office and has continued to grow, including a $186 billion increase since Trump’s victory. Musk’s wealth has translated into considerable political influence, with the billionaire supporting far-right political parties in Europe and donating millions to Republican candidates.

A recent Pew Research survey found that 60% of Americans believe wealthy individuals have too much political influence. Additionally, 83% of respondents said the wealth gap between the rich and poor is a significant issue, with 51% calling it a “very big problem.”

Legal experts note that this growing wealth inequality is compounded by a tax system that is no longer serving as an effective counterbalance. This situation, according to Boston College law professor Ray Madoff, represents a departure from earlier periods in US history when tax policies were more successful in addressing wealth disparities.