Overview
- Oxfam America released its analysis on Nov. 3, citing Federal Reserve data and reporting that the top 0.1% now hold a record 12.6% of U.S. wealth.
- From 1989 to 2022, the top 1% gained 101 times more wealth than the median household, with a top 0.1% household gaining $39.5 million versus under $8,500 for a bottom‑quintile household.
- The report says President Trump’s “One Big, Beautiful Bill,” passed in May, delivers large tax cuts for the wealthy and corporations and constitutes one of the biggest upward transfers of wealth in decades.
- Oxfam projects that in 2027 the highest‑earning 0.1% would see taxes fall by about $311,000, while the lowest‑income households would face increases.
- The group recommends four pillars of reform—rebalancing power through campaign finance and antitrust changes, taxing the wealthy and corporations, strengthening the safety net, and protecting unions—and documents large racial and gender wealth gaps.