Elon Musk briefly became the world’s first trillionaire this week, but for many Americans the milestone highlighted a growing divide. While the ultra-rich have seen their fortunes surge, millions of workers are struggling with rising costs and stagnant wages.
On Thursday, California’s controversial billionaire tax measure officially qualified for the November ballot after a fierce campaign. The wealthiest 0.00001% — about 20 individuals — now hold wealth equal to 12% of US GDP, four times the level seen during the Gilded Age, according to data from economists Gabriel Zucman and Emmanuel Saez.
The US is home to 989 billionaires who collectively owned more than $9.2 trillion in 2026, up 31.8% from 2025, according to Americans for Tax Fairness. Meanwhile, workers’ share of GDP fell to a record low of 53.8% in the third quarter of 2025. Inflation hit 4.2% in May 2026, erasing 3.4% wage growth over the past year.
Nearly 45% of US workers, or 66 million people, earn less than $25 an hour, while a living wage in most major metro areas exceeds that amount. Credit card debt reached a record $1.277 trillion in late 2025, up 63% since early 2021.
Gilberto Rubio, a security officer in the San Francisco area, said he has worked up to three jobs simultaneously and lived out of his car. “I haven’t been able to get ahead working one job,” he said, adding that he earns $25 an hour but has not received a raise in years. Jessica Ordeñana, a Manhattan bartender, earns just over $11 an hour plus tips. “I can’t afford air conditioning, so this will be my second summer without AC,” she said.
