More than half of Americans now believe billionaires are a threat to democracy—and that number is climbing fast.
According to recently released data from the Harris Poll’s annual Americans and Billionaires Survey, 53% of respondents said the ultra-wealthy threaten American democracy, a seven-point jump from last year. Seven in ten Americans want billionaires to play a smaller role in U.S. politics.
THE DETAILS: Americans aren’t just uncomfortable with billionaire political influence—they want serious limits on wealth itself. More than half (53%, up from 46% in 2024) now support capping how much wealth one person can accumulate. The ceiling most people have in mind? No one should be allowed to have more than $10 billion.
The survey also found overwhelming support for new regulations: 71% want a billionaires tax, and 64% think the government should mandate philanthropic involvement for anyone worth over $1 billion. Almost all respondents (94%) acknowledge there’s a wealth gap in America, pointing to the rising cost of living outpacing incomes, corporate tax loopholes, and lack of affordable housing as the top drivers.
Over a third of Americans believe the economy is an uneven playing field rigged for the ultra-wealthy, with more than seven in ten agreeing that wealth inequality is a serious national issue.
OF COURSE: This growing hostility toward billionaire power comes as President Trump—a billionaire himself—has openly flaunted his cozy relationships with the country’s richest people. His inauguration looked like a Forbes 400 reunion: Jeff Bezos, Mark Zuckerberg, Elon Musk, Sergey Brin, Sam Altman, Tim Cook, and Rupert Murdoch all showed up, many after their companies donated millions to support the event.
Trump didn’t just take their money—he gave them power. He created an entirely new government agency, the Department of Government Efficiency, for Musk to run. He tapped Linda McMahon as education secretary, Howard Lutnick as commerce secretary, and Jared Isaacman as NASA administrator. Nearly a dozen billionaires now hold federal government positions.
The donations flowed freely during the campaign too. Banking heir Timothy Mellon, WWE’s Linda McMahon, self-made billionaire Diane Hendricks, and conservative mega-donor Miriam Adelson were among those who poured hundreds of millions into Trump’s election effort.
WHY IT MATTERS: Here’s the math that should keep you up at night: 310 people on this planet are worth more than $10 billion. Of those, 122 are American. That’s 122 people with more wealth than most Americans think any single human should be allowed to possess—and they’re increasingly running the show.
The public is catching on. Americans see billionaires filling cabinet positions, bankrolling elections, and shaping policy—and they don’t like it. The question now is whether that growing unease translates into actual political pressure for change, or whether the people with $10 billion can simply buy their way out of accountability once again.