Why are there so many billionaires nowadays?

Thousands march during the "Make Billionaires Pay" rally in New York City on September 20, 2025. | Michael Nigro/Pacific Press/LightRocket via Getty Images Key takeaways There are more billionaires than ever, both in the US and globally, and they’re much richer than they were even a decade ago. The proliferation of billionaires is, in many ways, a policy choice. Changes to the tax code have made it easier than ever to make and keep a fortune, even as little has changed for the bottom 90 percent of Americans. A growing wealth gap has resulted in growing anti-billionaire sent