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

Five people are expected to amass at least $1 trillion in wealth within the next decade, if current trends continue, according to Oxfam’s annual inequality report, released Sunday. Tesla and SpaceX CEO Elon Musk, currently the world’s richest person worth more than $430 billion, should cross the mark in just under five years.

In 2023, more billionaires amassed their wealth through inheritance than through entrepreneurship for the first time. Plus, all of the 17 billionaires under 30 had their fortunes passed down to them.

The ranks of the billionaire class last year grew by just over 200 to nearly 2,770 people. Their wealth skyrocketed by $2.1 trillion — three times faster than the year before — to a total of $15 trillion. In the United States alone, where 816 billionaires reside, the net worth of this group soared by $1.4 trillion.

What’s more, if any of the 10... See more