Image: U.S. President Donald Trump speaks during a news conference with Elon Musk (L) in the Oval Office of the White House in Washington, D.C., on May 30, 2025.ALLISON ROBBERT / AFP via Getty Images

A new analysis finds that the richest 15 billionaires in the U.S. saw their wealth skyrocket by nearly $1 trillion in the first year of President Donald Trump’s second term, which also contained one of the single largest cuts to welfare benefits in U.S. history.

The Institute for Policy Studies (IPS) report, citing data from Forbes, has found that U.S. billionaires’ assets surged by a whopping 21 percent in 2025.

The 935 billionaires in the U.S. now control $8.1 trillion in wealth, the analysis found — nearly double the amount of wealth held by the bottom 50 percent of Americans, which comprises over 170 million people. Roughly a dozen of these billionaires work in the Trump administration.

The very richest billionaires saw the biggest gains. The top 15 richest people in the U.S. gained 33 percent in wealth last year, with their wealth skyrocketing from $2.4 trillion to $3.2 trillion — a gain of roughly $800 billion, IPS found.

A significant portion of this gain was driven by the wealth accumulation of one person: Elon Musk, the richest man on earth. In 2025, Musk’s wealth rose from $421 billion to $726 billion, a gain of $305 billion.

… Other billionaires and billionaire families saw gains of tens of billions of dollars last year, including Google cofounder Larry Page, Oracle cofounder Larry Ellison, and the Walton family.

“The affordability crisis is hitting ordinary Americans particularly hard as we head into the new year, but not everyone is feeling the pain: billionaires are raking in staggering profits off the backs of ordinary workers,” said Chuck Collins, who directs IPS’s Program on Inequality and the Common Good.

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