(José Niño, Headline USA) In 2024, the 19 wealthiest families in America saw their fortunes swell by an astonishing $1 trillion—more than the entire GDP of Switzerland.
These households, which make up the top 0.00001 percent of Americans, now control a record 1.8 percent of total U.S. household wealth, up from 1.2 percent the previous year, according to research by economist Gabriel Zucman.
This marks the largest one-year jump on record in the wealth share of the ultra-rich. In 1982, this sliver of the population accounted for just 0.1 percent of household wealth, with 11 families making up the group. By the end of 2024, their collective wealth reached approximately $2.6 trillion.
Zucman’s methodology subtracts major consumer items and unfunded pensions from the Federal Reserve’s household wealth estimates, putting total U.S. household wealth at around $148 trillion at year’s end.
“There’s been a gradual rise, followed by a recent and dramatic acceleration in the share of wealth held by the truly super-wealthy,” Zucman observed.
A soaring stock market helped drive these gains. The S&P 500 posted its strongest two-year run in 25 years, significantly boosting fortunes tied to equities.
The elite group identified by Zucman includes Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, Warren Buffett, and Stephen Schwarzman.
This figures an estimated minimum net worth of $45 billion. Economists have dubbed individuals in this wealth bracket “superbillionaires.”
The billionaire class has continued to grow. JPMorgan Chase’s private bank estimates the number of U.S. billionaires rose to nearly 2,000 in 2024, up from around 1,400 in 2021. Altrata, a wealth research firm, recorded 1,050 billionaires in the U.S. in 2023, with combined wealth nearing $4.9 trillion.
As of late 2024, the top 1 percent of American households controlled roughly 31 percent of the nation’s wealth, per Fed data. The World Inequality Database placed this figure even higher — at 34.8 percent in 2023 — well above the levels seen in other major Western economies. In contrast, the top 1 percent in the U.K. held 21.3 percent of national wealth, 27.2 percent in France, and 27.6 percent in Germany.
Households that were already wealthy in 1990 have seen their fortunes grow exponentially since. Households in the top 0.1 percent — around 133,000 families with net worths exceeding $46.3 million — gained an average of $3.4 million per year (adjusted to 2024 dollars), according to economist Steven Fazzari.
As wealth continues to accumulate at the summit, policymakers face mounting pressure to reckon with its consequences.
José Niño is the deputy editor of Headline USA. Follow him at x.com/JoseAlNino
