[Trump 1st Anniversary③] One Year of Trump: "Making Only the Rich Great Again"

Wealth of Affluent Soars from Policy Benefits... Ordinary Citizens Face Hardship
Musk Up $234 Billion... Bezos Up $15 Billion
"Cost of Living" Becomes Key Issue... Electricity Bills Up, Manufacturing Jobs Down

During the first year of President Donald Trump's return to office, the wealth of the affluent, who benefited most from his policies, surged, while ordinary people faced greater hardship due to high inflation and the aftermath of tariff hikes, according to recent assessments.

On January 20 (local time), international relief and development organization Oxfam released its annual inequality report, which found that by 2025, the combined wealth of the world's billionaires had increased by 16% to reach $18.3 trillion (approximately 27.076 quadrillion won). Notably, since President Trump’s victory in November 2024, the wealth of billionaires has grown three times faster than the average annual growth rate of the previous five years. The organization pointed out that this recent surge in wealth is closely linked to policies implemented during Trump’s second term, such as tax cuts, protection of multinational corporations, and the relaxation of antitrust oversight.

On January 20 last year (local time), at the Rotunda Hall of the U.S. Capitol in Washington DC, the inauguration ceremony of President Donald Trump was held, attended by Elon Musk, CEO of Tesla (from the right), Sundar Pichai, CEO of Alphabet, Jeff Bezos, founder of Amazon, and his wife, as well as Mark Zuckerberg, CEO of Meta. Photo by EPA Yonhap News

Big Tech, Once Opposed to Trump, Sees Wealth Soar in Just One Year

Major U.S. technology companies, known as Big Tech, were cited as primary beneficiaries. The Financial Times (FT) noted that these companies maintained close ties with the Trump administration, enjoying the benefits of deregulation, a favorable policy environment, and government contracts.

Elon Musk, CEO of Tesla and the world’s richest person, saw his wealth increase by $234 billion over the past year. He spent $250 million supporting President Trump’s election campaign and became one of Trump’s closest associates. Early in the administration, he also served as head of the Department of Government Efficiency (DOGE). Musk’s space company SpaceX is a contractor for NASA, and his close associate Jared Isaacman was appointed as NASA administrator. His artificial intelligence chatbot Grok is providing services to several federal agencies through contracts with the U.S. government.

Jeff Bezos, founder of Amazon, who was once at odds with President Trump, blocked The Washington Post, which he owns, from endorsing former Vice President Kamala Harris, the Democratic candidate, during the 2024 presidential election. He also invested $40 million in producing a documentary about First Lady Melania Trump in an effort to win the president’s favor. As a result, over the past year, Bezos’s companies, including the space firm Blue Origin, avoided scrutiny from the Trump administration. Bezos’s personal wealth also increased by $15 billion.

Sam Altman, CEO of OpenAI, donated to the inauguration and engaged in behind-the-scenes talks with senior Trump administration officials to participate in the “Stargate” super-large data center project, aligning himself with the administration’s policies. He accompanied President Trump on overseas trips to the United Arab Emirates and the United Kingdom to participate in data center construction projects. OpenAI’s corporate value soared from $157 billion at the end of 2024 to $500 billion recently.

Additionally, Mark Zuckerberg, CEO of Meta, saw his wealth increase by $1.9 billion over the past year. Tim Cook, CEO of Apple, holds 3.3 million shares of his company, and since President Trump’s inauguration, Apple’s stock price has risen by 15%.

The Trump family also benefited significantly from these policies. According to Bloomberg, thanks to the promotion of cryptocurrency-related legislation and the appointment of pro-cryptocurrency regulators, the Trump family earned $1.4 billion in the cryptocurrency sector alone over the past year.

Life Gets Tougher for Ordinary People

In contrast, life for ordinary Americans has become even more difficult over the past year. Although inflation indicators remain in the mid-2% range, “affordability” has become the most pressing issue in U.S. politics ahead of the upcoming midterm elections in November.

The Guardian, a British daily, analyzed data from the U.S. Energy Information Administration (EIA) and reported that the average electricity bill for U.S. households increased by 6.7% compared to the previous year. In particular, electricity rates in Washington D.C. rose by 23%. President Trump had promised to halve energy costs within 12 to 18 months of taking office, but costs have instead risen.

Although he pledged to revive manufacturing and bring economic prosperity, manufacturing jobs have been declining for eight consecutive months. According to data from the U.S. Bureau of Labor Statistics and the Federal Reserve Bank of St. Louis, manufacturing employment fell from 12,764,000 in April last year to 12,692,000 in December, a decrease of 72,000 jobs.

President Trump promised to provide $2,000 checks per household from tariff revenues, but his tariff policies have only increased the burden on ordinary Americans. According to the Kiel Institute for the World Economy (IFW) in Germany, U.S. companies and consumers are bearing 96% of the costs resulting from tariffs.

On this day, Andy Jassy, CEO of Amazon, stated in an interview with CNBC that President Trump’s tariff policies have begun to be reflected in consumer prices. He said, “We are trying to keep prices as low as possible for consumers,” but added that in some cases, price increases are inevitable.