From 2022 to 2025, the net worth of the richest 10 percent of households increased by $872,400 (Figure 1). These households had a median net worth of $2,797,500 in 2022 that grew to $3,669,900 in 2025. Most likely their net worth has continued to grow substantially in 2026 since the value of the stock market has increased and the richest households own most of it.

In 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBBA) which has policies that hurt low- and moderate-income Americans while making the ultra-rich even richer. In dollar terms (and in percentage-point change), the largest tax cuts from OBBBA go to the highest income quintile. The lowest quintile receives a tax cut of $150 in 2026, but the richest quintile receives $12,540 (Figure 2).

The inequality is even more glaring if one dissects the top quintile. While the average is $12,540, the top 0.01 percent receives a tax reduction of $286,440 (Figure 3). Average Americans are increasingly struggling due to Trump administration policies, but the ultra-rich keep getting richer.

This first appeared on CEPR.