Why Billionaires Are Multiplying — and Why Public Anger Is Rising

There are more billionaires today than at any point in history—and they're far wealthier than a decade ago. That growth matters because it reflects policy choices, changing tax rules, and a shift in how wealth concentrates and is displayed. The result: rising public resentment and bigger questions about the health of democracy.

How many billionaires are there — and how did we get here?

Worldwide, the count of billionaires has topped 3,000, with the United States seeing especially rapid growth: from roughly 66 billionaires in 1990 to nearly a thousand today. The number of centibillionaires (people with $100 billion or more) has also risen from zero a decade ago to more than a dozen.

Many forces are at work, but a central driver is policy. Changes in the tax code and other rules over recent decades have made it easier to accumulate and preserve very large fortunes. By one measure, the average tax rate for the 400 richest Americans is roughly half what it was 50 years ago, while tax rates for the bottom 90 percent have changed little. The result: a much larger share of national wealth concentrated at the top.

What the numbers look like

Where once 0.1 percent of Americans controlled about 7 percent of the nation's wealth, that share is now closer to 18 percent. At the same time, intergenerational mobility has fallen: a child born today has a far lower chance of out-earning their parents than someone born in 1940.

How billionaires spend and signal wealth

Wealth at this scale has created new markets and new forms of conspicuous consumption. Superyachts that can cost hundreds of millions, high-profile weddings in public venues, and private performances by top pop acts are now common. Some ultrawealthy people commission ephemeral, bespoke projects—3D-printed restaurants on sandbars, temporary islands, and other one-off experiences—because ordinary luxury has become trivial compared with the scale of their wealth.

Evan Osnos: “The perks are intoxicating: the fresh-squeezed juices, the immaculate details. But spending time with the ultrawealthy also prompts hard questions about the country’s democratic health.”

Why public anger is growing

Survey data show that frustration is spreading: 67 percent of Americans now say billionaires make society less fair, an increase from the prior year. That anger has political consequences. High-profile campaigns and conversations—from progressive calls for wealth taxes to local races where billionaire influence is challenged—have pushed the debate into the mainstream.

Part of the backlash reflects visibility: when economic power and political influence overlap visibly, it undermines people’s faith that the system is meritocratic. Instances where the very wealthy play prominent roles in politics or policy debates intensify concerns that rules are written or preserved to benefit the few.

What might come next?

Public tolerance for extreme inequality historically rested on a belief in upward mobility—an implicit promise that big fortunes signified opportunity. As that promise weakens, attitudes shift. Scholars have long warned about the political risks of extreme concentration of wealth: when “fewer have more,” political stability and democratic legitimacy are strained.

Whether this moment leads to major policy change—more progressive taxation, a wealth tax, stricter campaign finance rules, or new social programs—will depend on politics and public will. For now, the combination of record fortunes and visible influence ensures the question of billionaires will remain at the center of civic debate.

About the source

This article draws on an edited excerpt of a Today, Explained interview with New Yorker staff writer Evan Osnos, who has written extensively about the ultrawealthy and their role in contemporary society.