According to online sources, there are 900 billionaires in the US, out of a population of circa 340 million people. That translates to about 0.00026% of the population. The combined fortune of U.S. billionaires grew to $6.9 trillion in 2025, according to Fortune.com. The percentage of millionaires is about 18%. Most of the wealth is in the hands of the billionaires and the millionaires.
According to Census.gov, the real median household income in the US was $83,730 in 2024. Whether or not you make more or less than this figure, the fact remains that you are not likely to become a billionaire. You may have a shot at millionaire after a long work life, so that when you retire maybe you have close to a million dollars in the bank. Unfortunately, a major sickness involving expensive treatments and long hospital stays might deplete half of that.
According to Yahoo Finance/the BLS Consumer Expenditures Report, the average American spends a total of approximately $78,535 annually (2024), or about $6,545 per month The Average U.S. Household's Expenses Are About $78,535 A Year —Yet The Average Annual Salary is Just $67,080. I include the list of expenditures from this report:
- Housing: $26,266
- Transportation: $13,318
- Food: $10,169
- Insurance & Pensions: $9,817
- Healthcare: $6,206
- Remaining categories include education, entertainment, clothing, personal care, and miscellaneous expenses.
Single families spend less while families with two children spend more. For those families who have children that end up going to college, they must start saving toward tuition already when the children are toddlers. According to EducationData.org, the Average Cost of College [2026]: Yearly Tuition + Expenses are as follows (their list):
- Public 4-Year (In-State): ~$10,634–$25,890
- Public 4-Year (Out-of-State): ~$31,009–$41,950
- Private Nonprofit 4-Year: ~$41,942–$52,500
- Private For-Profit 4-Year: ~$16,579
- Community College (2-Year): ~$7,196–$17,930
If you have two children of college age and neither of them qualify for tuition aid or do not get scholarships, parents are looking at a minimum of $100,000 total for four years at a public 4-year in-state college. I would hazard a guess that the total amounts are way more than this. How do parents do it? No wonder parents are working two or more jobs to make ends meet.
I am far from the only person who thinks the distribution of wealth in the US is entirely unfair. I am no socialist, but I do think that the US would benefit from a more equal distribution of wealth. As far as I can determine, the average American is just expected to make do, to grin and bear the hardships. Food prices continue to increase, ditto for gas prices. College tuition is out of sight. God forbid there should be a major health issue in any average family. Young couples starting out are having major difficulties saving money to buy a home without substantial help from parents. And yet Americans continue to defend this system and to criticize countries where taxes may be higher, but basic needs like healthcare and college tuition are essentially free. In Norway there is a deductible of about $300 before healthcare coverage kicks in. Doctors' visits are much less expensive than in the US, ditto for CAT scans, MRIs, etc. College students can take up loans for room and board or they can commute to school from home or off-campus housing, but they don't have to worry about paying tuition. Taxes on gasoline, alcohol and tobacco, as well as higher taxes on food and clothing compared to the US all contribute to funding free healthcare and free tuition. Why don't Americans want this kind of system? Norway is a mixed-market capitalist economy just like the US, except that it has tighter governmental regulations on industry. It's not a perfect system, but it has no national debt (the US debt is over $38 trillion). Norway has the oil fund that at present tallies at about $2 trillion. This too helps to fund the welfare system from which most Norwegians benefit.
I don't have solutions to the economic problems in the US, but I've got to wonder why more Americans don't demand their fair share. Most of them work themselves to the bone for very few monetary rewards. Yes, there is freedom of speech and thought, but there is not much freedom in being a wage slave or in living from paycheck to paycheck. It's not fair when those few percent at the top live like kings, spending millions of dollars on yachts and weddings and God knows what else. The wealthiest among us should pay their fair share of taxes, and the government should provide better healthcare coverage for its citizens. Why this is even an issue in 2026 is beyond my comprehension.
