The collective wealth of the 10 richest Americans has surged by USD 698 bn in the past year alone, and the prospect of the world’s first tn’aire no longer seems as absurd as it once did, with Elon Musk already half way there, according to a report (pdf) from Oxfam America. In only the short few years since 2020, these same 10 individuals have seen their wealth adjusted for inflation rise 526%.

In America at least, it seems that a rising tide doesn’t necessarily lift all boats, with the USD 8.4 mn gain for households in the top 1% from 1989 to 2022, outpacing the median household gain of only USD 83k for the period. Zooming in on the top 0.1%, that figure picks up again all the way to USD 39.5 mn.

There’s also a stark disparity in terms of race, with average White households seeing their wealth increase 7.2x more than Black households and 6.7x more than Hispanic households. Gender was also a determiner, with male-headed household wealth gains outpacing those headed by women by 4x.

In addition to the concentration of wealth, there’s also a concentration of stocks, with 24% of shares in the stock market owned by just the top 0.1% and 49.9% by the top 1%. In contrast, just 1.1% of the stock market is owned by the bottom 50%, despite the prominent role it plays in many Americans’ retirement plans.

Oxfam sees inequality getting worse in years to come, pointing to the Trump administration’s “massively regressive tax reform, major cuts to the social safety net, and

significant rollbacks for worker’s rights.” It estimates that Trump’s One Big Beautiful Bill Act — which we imagine Oxfam would describe rather differently — will cut taxes on the top 0.1% by USD 311k in 2027, while raising taxes for those earning less than USD 15k a year, marking “the single largest transfer of wealth upwards in decades.”

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning — Japan’s Nikkei and the Hang Seng are both looking at gains, while the Shanghai Composite and Kospi are both in the red, down 0.1% and 1.6%, respectively.

ADX

10,024

-0.8% (YTD: +6.4%)

DFM

6,019

-0.7% (YTD: +16.6%)

Nasdaq Dubai UAE20

4,878

-1.3% (YTD: +27.9%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.0% o/n

3.7% 1 yr

Tadawul

11,484

-0.5% (YTD: -4.6%)

EGX30

4,003

+1.8% (YTD: +29.7%)

S&P 500

6,852

+0.2% (YTD: +16.5%)

FTSE 100

9,701

-0.2% (YTD: +18.7%)

Euro Stoxx 50

5,679

+0.3% (YTD: +16.0%)

Brent crude

USD 64.89

+0.2%

Natural gas (Nymex)

USD 4.23

-0.8%

Gold

USD 4,008

-0.2%

BTC

USD 106,333

-3.6% (YTD: +13.8%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.78

-0.5% (YTD: +8.5%)

S&P MENA Bond & Sukuk

152.05

-0.2% (YTD: +8.7%)

VIX (Volatility Index)

17.17

-1.6% (YTD: -0.8%)

THE CLOSING BELL-

The ADX fell 0.8% yesterday on turnover of AED 1.1 bn. The index is up 6.4% YTD.

In the green: Gulf Medical Projects Company (+4.0%), National Bank of Umm Al Qaiwain (+2.5%) and Abu Dhabi National Co. for Building Materials (+2.4%).

In the red: Americana Restaurants International (-9.6%), Phoenix Group (-6.5%) and Sudatel Telecommunications Group Company (-4.0%).

Over on the DFM, the index fell 0.7% on turnover of AED 614 mn. Meanwhile, Nasdaq Dubai was down 1.3%.

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