Mike Bloomberg at Sun Valley, a conference popular with billionaires. | Drew Angerer/Getty Images

The debate over whether the world’s megarich are too rich is really a debate about whether America’s megarich are too rich.

America is now home to almost 800 billionaires, a record high that accounts for more than a quarter of the world’s megarich.

That rise of the billionaire class is made stark in a new report that paints their financial might in the most complete picture yet. It also serves as a vivid snapshot of American income inequality at a time when anti-billionaire sentiment is on the rise and fueling global backlash against ultra-wealthy elites from both the left and the right. So the debate over whether the world’s megarich are too rich is really a debate about whether America’s megarich are too rich.

The number of billionaires in the