This past year has been indelibly shaped by concentrated wealth and power. The 10 richest U.S. billionaires got $698 billion wealthier, and the arrival of the world’s first trillionaire grew more imminent. The Trump administration—largely with the support of the Republican-controlled Congress—has moved with staggering speed and scale to carry out a relentless attack on working-class families, while enriching the wealthy and well-connected.

How did the country get here? The story does not begin in 2025. Oxfam’s UNEQUAL provides a snapshot of U.S. economic inequality today, and looks at the trends in recent decades that have culminated in contemporary extremes that are corroding U.S. democracy and causing hardship for many millions of people. The report examines the influence of concentrated wealth over politics, and how policymakers’ choices on tax, labor, social protection and other issues contributed to the growing divide between the very wealthiest and much of the country. It sounds the highest alarm about what comes next and sets out an agenda to turn the tide and reverse harmful inequality, calling on policymakers to back the demands of workers, movements, and communities to deliver for ordinary people.