Richest Americans under Biden increase their wealth

In Joe Biden’s first 100 days in office, against a drumbeat of calls for the rich to pay more in taxes, the 100 wealthiest Americans added a combined $195 billion to their fortunes, Report informs referring to Bloomberg.

The combined fortunes of the richest 100 Americans have reached $2.9 trillion, greater than the combined $2.5 trillion wealth of the bottom 50 percent of the US population, according to data from the Federal Reserve.

The rise has been driven by an explosion of wealth among a handful of ultra-billionaires. The 10 wealthiest Americans have added $255 billion since election day, bringing their combined net worth to $1.2 trillion.