American billionaires now control a greater share of national wealth than the robber barons of the early 1900s.
According to data from economists Emmanuel Saez and Gabriel Zucman, the richest 0.00001% of Americans, about 19 people in 2025, hold wealth equal to 12% of the country’s national income.
That’s triple the 4% share held by the richest Americans in 1910, during the height of the Gilded Age.
That era, often romanticized by President Donald Trump in speeches and policy direction, was marked by intense economic inequality and aggressive expansion abroad.
Zucman, a professor at the University of California, Berkeley, argues that this parallel isn’t just academic; it’s playing out in real time, with the push to annex Greenland as a prime example.
Annexation Plans Driven by Billionaire Interests
Despite the lack of public enthusiasm for acquiring Greenland, the Trump administration continues to press forward.
As Zucman writes, “There is no appetite among the American public for annexing Greenland. The idea excites almost no one—not even within Republican ranks.”
So why is it happening? Billionaire interest.
“American extractive companies covet Greenland’s mineral wealth. Tech and Wall Street billionaires close to Trump have already invested there,” Zucman explains.
Some libertarian ideologues are even toying with the idea of transforming Greenland into a deregulated haven for private capital.
The situation echoes what happened with Hawaii in the late 19th century.
American sugar barons engineered Hawaii’s annexation under the guise of strategic interest, when the real motivation was profit.
Zucman points out that such moves typically follow a broader pattern: when economic inequality is high and extractive capitalism is celebrated, overseas expansion often follows.
More Power Than Ever
The staggering 12% share of national income now controlled by America’s wealthiest individuals means their power surpasses even that of their Gilded Age predecessors.
These billionaires are not only reshaping domestic policy but are also influencing foreign agendas with economic backing and political connections.
Zucman calls for a new approach to resisting what he describes as Trump’s “imperial blackmail.”
Trump has threatened eight European countries that oppose his Greenland plans with escalating tariffs, starting at 10% and increasing to 25% by June.
These countries include France, Germany, the UK, and the Nordic nations.
Zucman’s Solution: Target the Billionaires
Rather than impose blanket tariffs or sanctions that harm ordinary consumers, Zucman suggests a more targeted strategy: impose wealth-based conditions for access to the European market.
In other words, if a billionaire wants to do business in Europe, they should have to pay a wealth tax.
“If Elon Musk, for example, wants to keep selling Teslas in Europe, he should have to pay it,” Zucman argues.
“If he refuses, Tesla would lose access to the European market.”
This approach wouldn’t just hit Trump’s inner circle; it could reshape global power dynamics by weakening the financial influence of oligarchs across borders.
It would also align Europe with Trump’s domestic critics, building an international front against wealth-driven expansionism.
The Cost of Inaction
Standard tools like EU tech taxes and anti-coercion rules haven’t worked.
In 2025, Europe let U.S. tariffs slide without pushing back, hoping that would calm things down. It didn’t. The pressure only got worse.
Zucman believes the only way to push back effectively is by directly challenging the source of the power behind expansionist agendas.
That means focusing on oligarchic wealth, not nation-states or entire industries.
“Doing nothing invites endless blackmail,” he warns.
A Turning Point
For Zucman, this isn’t just about Greenland or Trump.
It’s about whether democracies can protect themselves from being reshaped by a handful of billionaires.
The Gilded Age showed what happens when that influence goes unchecked. Today’s conditions are even more extreme.
“Moments of crisis demand the courage to discard obsolete ideas, embrace the unthinkable, and reject systems that no longer work,” he writes.
If Europe and others don’t act now, Zucman warns, we may witness a new wave of wealth-driven imperialism, this time not with troops, but with tariffs, lobbying, and corporate deals backed by the richest individuals in history.