The number of billionaires in the United States has more than doubled in the last decade, from 267 in 2008 to 607 last year, according to UBS.
“The rich have gotten richer and they’ve gotten richer faster,” said John Mathews, Head of Private Wealth Management and Ultra High Net Worth at UBS Global Wealth Management.
The wealthiest fifth of Americans hold 88% of the country’s wealth, a share that has grown since before the crisis, Federal Reserve data through 2016 shows. Meanwhile, the number of people receiving federal food stamps tops 39 million, up 40% from 2008 even though the country’s population has only grown about 8%.
The U.S. stock market, measured by the S&P 500 has tripled in the last decade.
Rents in New York have risen twice as fast as wages, according to StreetEasy data from 2010-2017, squeezing lower-income residents. And the number of homeless people sleeping in the city’s shelters is 70% higher than a decade ago,
Hedge fund boss Ken Griffin set a record for a U.S. home sale when he bought a $238 million penthouse condominium on “Billionaires’ Row” just off New York City’s Central Park.
The number of billionaires in the
United States has more than doubled in the last decade, from 267 in 2008 to 607 last year.