Scaramucci warns US is drifting toward oligarchy

SkyBridge Capital founder Anthony Scaramucci warned on Sunday that growing wealth concentration in the U.S. is undermining democratic capitalism, arguing that greed is increasingly overpowering wisdom in shaping economic outcomes. In a post on X, Scaramucci asserted that societies tend to drift toward oligarchy when wealth becomes concentrated among a small elite, creating wealth for themselves while leaving others behind.

Warning on Oligarchy and Decentralization

Scaramucci emphasized that "greed in a society always overcomes wisdom." He referenced the U.S. founders, specifically James Madison and Thomas Jefferson, noting that the "Madisonian, Jeffersonian design was decentralization" to protect individual liberty and broad participation in capitalism. He suggested that when institutional balance breaks down, "it needs a reset." While supporting capitalism and "unequal outcomes" for entrepreneurs, he argued that society requires a baseline of opportunity, stating, "Every person should get a basic package to get them to the starting block."

Global Wealth Inequality Trends

The warning aligns with recent data highlighting widening wealth gaps. Sen. Bernie Sanders (I-Vt.) previously warned that global wealth had become heavily concentrated, citing that the world’s roughly 3,000 billionaires gained about $2.5 trillion in a year, with total wealth reaching $18.3 trillion. He noted that "the 12 richest people own more wealth than the bottom half of humanity."

Data from The Kobeissi Letter indicated that U.S. wealth gains since 1976 have been sharply uneven. The top 0.001% saw a 3,500% increase in wealth, compared with just 200% for the average household. An Oxfam report further highlighted that the top 0.1% controlled nearly a quarter of U.S. stock market wealth, while the bottom half held about 1%, with over 40% of Americans classified as low-income or poor.

Metric	Value
Global billionaire wealth gain (1 year)	$2.5 trillion
Total global billionaire wealth	$18.3 trillion
U.S. top 0.001% wealth gain (since 1976)	3,500%
U.S. average household wealth gain (since 1976)	200%
U.S. stock market wealth held by top 0.1%	Nearly 25%
U.S. stock market wealth held by bottom 50%	About 1%

Moody's Analytics chief economist Mark Zandi has warned that America's economic divergence remains "firmly intact," as newly updated data reveal a financial reality where the bottom 80% of earners are losing the battle against inflation, while top earners dominate national consumption.

According to Zandi’s updated estimates, households in the top 20% of the income distribution—defined as those earning over $175k annually—now account for an "astounding nearly 60% of outlays." Driven by a robust 6.5% surge in personal spending over the past year, this affluent segment is single-handedly "driving spending and the economy" well ahead of the current 2.7% CPI inflation rate. Meanwhile, outlays for the bottom 80% of Americans grew at just 2.6%, meaning the vast majority of consumers "fell short of inflation."

The Spending Divide Deepens

Zandi noted this data presents an "overwhelming case" that the financial system is becoming "increasingly" unequal, leaving "most Americans… upset with their financial situations."

Income Group	Spending Growth	Inflation Rate
Top 20%	6.5%	2.7%
Bottom 80%	2.6%	2.7%

A 'Lopsided' Economic Background

This economic data underscores a widening political rift over wealth distribution. Rep. Ro Khanna (D-CA) recently amplified these frustrations, sharply slamming elite defenses of what he described as an "unfair and lopsided economy." Khanna highlighted a grim milestone tied directly to these financial pressures, noting that "nearly 80 percent of Americans believe the American dream is dead" while billionaires hold outsized historical wealth.

Khanna called for an urgent shift toward "patriotic capitalism, instead of an extractive capitalism" to protect the foundational working class. He pointed out that while the capital class builds fortunes, essential workers like nurses, teachers, and firefighters "can’t afford to even buy a house." Khanna warned that an entire younger generation now feels "forsaken" by an uneven system where a billionaire’s influence skews public laws, leaving the bottom 80% squeezed out.

Market Performance in 2026

The S&P 500 index has advanced 9.36% year-to-date. Similarly, the Nasdaq Composite index was up 14.13%, and the Dow Jones gained 6.58% YTD. The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ), which track the S&P 500 and Nasdaq 100, respectively, closed higher on Thursday. The SPY ended up 1.04% at $746.74, while the QQQ advanced by 2.51% to $740,62. Meanwhile, the Dow tracker, State Street SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA), closed 0.12% higher on Thursday.