In his farewell speech, President Biden warned about the formation of an oligarchy in the United States, made up of ultra-wealthy individuals, describing it as a threat to democracy, fundamental rights, and individual freedoms. However, this oligarchy did not emerge solely under the Trump administration—it has been consolidating over the years of American unipolar dominance, from 1991 to today, with a significant acceleration over the past decade. The flip side of this trend—the increase in inequality—is not just a Western phenomenon; it has also impacted other global economies, including China.
According to the Oxfam 2025 report, between November 2023 and November 2024, the total wealth of the billionaires listed in Forbes increased by a staggering $2 trillion in real terms, with the number of billionaires rising by 204, adding nearly four new billionaires per week. On average, billionaires saw their fortunes grow by $2 million per day, while the ten richest billionaires experienced a daily increase of about $100 million.
Continue reading From the U.S. to China: The Rise of the Rich and Growing Inequality
