Sanders Unveils Plan to Combat Oligarchy as Billionaires’ Wealth Tops $10 Trillion

A recent analysis by Bloomberg highlighted that the total wealth of the world’s 500 richest individuals has exceeded $10 trillion this year. This report was released shortly after U.S. Senator Bernie Sanders emphasized the urgent need to act against the rise of “an oligarchic and authoritarian society.”

According to the analysis, the wealthiest 500 people globally saw significant wealth increases, largely fueled by a robust rally in U.S. tech stocks.

Notably, eight billionaires—Elon Musk, Mark Zuckerberg, Jensen Huang, Larry Ellison, Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin—collectively added over $600 billion to their wealth in 2024 alone, making up 43% of the $1.5 trillion total increase among the global top 500, as per Bloomberg.

“Elon Musk, often referred to as the ‘first buddy’ of President-elect Donald Trump due to his substantial support during the reelection campaign, was particularly dominant among the wealthiest in 2024,” Bloomberg noted. The report also mentioned that Trump’s own wealth reached an all-time high this year, significantly boosted by his major stake in Trump Media & Technology Group Corp.

Musk’s significant political contributions, including his purchase of one of the largest social media platforms and donations to Trump’s campaign, have heightened concerns about the damaging effects of wealth accumulation on democratic processes.

Moreover, wealth disparity in the U.S. is expected to worsen with Trump and the incoming Republican-majority Congress planning further tax reductions for the ultra-wealthy and big businesses.

“They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should dictate what the future holds.”

In a recent email to his supporters, Sanders (I-Vt.) described the swift movement towards oligarchy in the U.S. as “the defining issue of our time,” highlighting how billionaires increasingly dominate the economy, the dissemination of information, and politics.

“What we’re seeing now is the emergence of figures like Elon Musk, who embody this shift,” Sanders stated, referring to Musk’s significant influence in the 2024 election and his major role in forming Trump’s Cabinet, which is heavily populated by billionaires.

“However, it’s not only Musk. Billionaire owners of two major newspapers bypassed their editorial boards to endorse Kamala Harris, while numerous others curry favor with Trump by contributing hefty sums to his inaugural committee slush fund,” the senator continued. “They do not believe in democracy—the right of ordinary people to control their own futures. They are convinced that the future should be shaped by the affluent and influential.”

Sanders conveyed a starkly different vision in his message, one that champions “an economic system grounded in justice,” “a vibrant democracy where every vote counts,” and the belief that “healthcare is a human right.”

“While we might not achieve this vision immediately with Trump as president and a Republican-controlled Congress, it’s crucial that we keep this vision alive and continue to strive for it,” Sanders expressed.

Since Trump’s election victory in 2024, Sanders has been vocal about the importance of mobilizing the working class to confront the dangers posed by Musk and other ultra-wealthy figures who have amassed significant wealth and political influence.

In his recent correspondence, Sanders mentioned his plans to “travel, organize, host events, and produce content that engages people directly” over the upcoming weeks as part of the ongoing “battle to decide our future path.”

“Will this endeavor be simple?” asked Sanders. “Certainly not. But is it achievable? We have no other choice. Now more than ever, progressives need to communicate our vision to the American public. Giving up hope is not an option. We are fighting not just for ourselves but for our children, future generations, and the health of our planet,” he concluded.