Wealthy inequality is out of control. Over the past 30 years the richest Americans have added to their own wealth while the poortest have dipped into negative wealth. But in another 30 years – or 33 to be precise – the richest Americans could own all of the wealth.
An analysis by Scott Burns, published in The Dallas Morning News, reveals that if the rate of gain for the richest Americans versus everyone else continues, in 33 years the top 10% of all households could have 100% of all the net worth in America.
Looking at the numbers from the Federal Reserve Survey of Consumer Finances, which measures the change in shares of net worth since 1989, Burns found that from 2013 to 2016 the top 10 percent of households “increased their share of total wealth from an amazing 75.3% to a stunning 77.2%.”
This means that at that rate they will overtake the remaining 22.8% of net worth held by the bottom 90% in just 33 more years.
Burns also note that while the top one percent saw an increase in their total net worth by $21 trillion in the years 1989-2018, the bottom 50 percent saw its net worth decrease by $900 billion over the same time period.
Do you land in the bottom 90%? Well in order to be a ‘member’ of the top 10% you need a net worth of around $1.2 million. This number fluctuates by age however and if you’re really curious to can check what your number is here: https://dqydj.com/
The three men at the top of the Forbes 400 richest list hold more wealth than the total wealth of the poorest half of Americans, so how many of you are really surprised?