Friday , 21 June 2024

70% of Total U.S. Net Worth Held By Just 10% Of the Richest People

…The top 10% of the richest people in the United States held 69.8% of total U.S. net worth (which is the value of all assets a person holds minus all their liabilities) as of Q1 of 2021.

  • The top 1% held 32.1% of that wealth
  • the next 9% held 37.7%
  • the bottom 50% held 2%…(as recently as 2011, that number was as low as 0.4%, caused by the downswing of the Great Recession.

@$$4$The coronavirus pandemic did not have the same effect on the wealth of the bottom 50 percent, which kept growing in 2020 and has now returned to pre-financial crisis levels. The pandemic has, however, expanded the wealth of the ultra-rich top 1 percent, which gained almost two percentage points in overall wealth distribution between Q2 of 2020 and Q1 2021.

Looking the development of U.S. wealth distribution since 1989:

  • the top 1% have gotten richer…expanding their wealth share to 32% from 24%,
  • the next 9% have remained steady at 37%, while
  • the 50-90 percentile have seen their wealth decline to 28% from 35%.

 

The above version of the original article by Katharina Buchholz was edited [ ] and abridged (…) to provide you with a faster and easier read. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

 

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One comment

  1. Will,

    Don’t listen to Brad and these other anti-American nuts and pseudo-economists who want to kill the dollar and remove it from being the reserve currency of world trade.
    OK guys, go ahead right now and convert your dollars into crypto currency or yuan renmindi or ruples. In fact, take your dollars out of the US Stock market, right now, the worlds biggest daily piggy bank, redeem all your retirement plan IRAs, 401Ks, pension and profit sharing plans and get them out of America’s GDP, reducing that GDP against the world economy that America built.
    Next, put that U.S.capital into the biggest uncollateralized crypto currency you can find. There, that ought to fix this U.S. world-intruding country.
    Of course, when you want to go back in and ride the electric pony to Tesla Land instead of Disneyland, you’re going to need those dumb dollars again to get back to the party. Think it over.