The total wealth of America’s billionaire class jumped by 22% during 2025, rising from $6.7 trillion to $8.2 trillion, according to a new report from Americans for Tax Fairness based on Forbes data.

The world’s richest man, Elon Musk, is now worth over $700 billion, and the 14 wealthiest billionaires at the beginning of 2026 are worth more than every American billionaire combined from as recently as 2020, ATF reported. In addition, the number of U.S. billionaires increased from 814 to 935.

Glaringly, ATF says, because of “a gaping loophole, it’s possible none of their wealth growth will ever be taxed.”

“It turns out the members of Billionaires Row at Donald Trump’s inauguration were right to celebrate his swearing in, since it meant a ($1.5 trillion) increase in their class’s collective fortune,” said David Kass, ATF’s executive director.

“Because of the Republican failure to renew premium tax credits, the cost of healthcare has skyrocketed this year for millions of families. Meanwhile, ordinary Americans cannot afford a decent place to live and every trip to the supermarket induces sticker shock.”

Dems Introduce Billionaire Income Tax Legislation

ATF is backing the Billionaires Income Tax introduced last year by three Democrats:  Sen. Ron Wyden (Oregon), and Reps. Steve Cohen (Tennessee), and Don Beyer (Virginia).

The legislation calls for raising taxes on America’s ultra rich. If passed the new law would raise an estimated $500 billion in federal revenue over 10 years.

Influence Watch describes ATF as a group that “advocates for a range of left-of-center economic policies, including increasing taxes on higher-income Americans and businesses. The organization also supports increased government spending on education, infrastructure, and social programs.”

View a chart of the 15 richest U.S. billionaires at this link.