US President Joe Biden wants the wealthiest Americans to pay their fair share of taxes, but it turns out they have become one of the main beneficiaries of his presidency.
The combined net worth of the top 100 ultra-rich people in the US has skyrocketed by $195 billion since Biden took office, according to Bloomberg’s calculations. From his election to his inauguration, they added $267 billion to their fortunes, bringing their total gain to $461 billion since November 4.
The rise in billionaires’ wealth in the first 100 days of Biden’s presidency is around 20% of the cash stockpile those billionaires raked in between Trump’s inauguration and the 2020 election. According to Bloomberg data, they became $860 billion richer over that period.