Key takeaways • There are more billionaires than ever, both in the US and globally, and they’re much richer than they were even a decade ago. • The proliferation of billionaires is, in many ways, a policy choice. Changes to the tax code have made it easier than ever to make and keep a fortune, even as little has changed for the bottom 90 percent of Americans. • A growing wealth gap has resulted in growing anti-billionaire sentiments in US politics, most recently showcased in Zohran Mamdani’s victory in the New York City mayoral race.

It feels like everyone’s mad at billionaires right now.

Maybe it’s the disconnect between Americans struggling with grocery prices and health care premiums and the ultrarich sailing on their super yachts and flying on their private jets.

Maybe it’s th

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