The September 2017 Federal Reserve Bulletin informs us that “The distribution of income and wealth has grown increasingly unequal in recent years.”
The Survey of Consumer Finances (SCF) shows that: “Families at the top of the income distribution saw larger gains in income between 2013 and 2016 than other families, consistent with widening income inequality.”
The share of income of the top 1% went up from 20.27% in 2013 to 23.80% in 2016.
The share of those in the bottom 90% declined from 52.73% in 2013 to 49.69% in 2016.
The wealthiest 1% also now hold a greater share of the country’s wealth.
The figures indicate that the share of the wealth of the top 1% increased by over 2.3% from 2013 to 2016 with most of it, essentially, coming at the expenses of the bottom 90%.
This increase in the share of the country’s wealth held by the 1% was more than twice the total share of wealth held by the bottom 50% in 2013 (1.05%.)
The changes in the share of wealth percentages indicate that if the total U.S. wealth remained constant from 2013 to 2016 at $88.1 trillion (as it was estimated to be in the first quarter of 2016,) the wealth held by the richest 1% from 2013-2016 increased from $31.98 trillion to $34.05 trillion, or by more than $2 trillion in just three years.
Those in the top 1% are very wealthy. There are, however, big differences within their ranks. At the very top is Bill Gates whose wealth reached an estimated $90 billion during 2016, up $15 billion from the previous year. To be a part of the club of the 1%, one’s net worth in 2016 had to be nearly an estimated $10.4 million. If Gates is worth $90 billion and the “poorest” member of the top 1% is worth $10.4m, the net worth of Gates is more than 8,600 times the wealth of the bottom dweller of the top 1%.
Gates is widely regarded as one of the world’s leading philanthropist. Yet, despite his supposed generosity, he was able to add to his wealth in one year, (if the $15 billion increase is accurate,) more than 640 times the $23.4 million pay that Secretary of State Tillerson “earned” at Exxon last year
The Survey of Consumer Finances (SCF) shows that: “Families at the top of the income distribution saw larger gains in income between 2013 and 2016 than other families, consistent with widening income inequality.”
The share of income of the top 1% went up from 20.27% in 2013 to 23.80% in 2016.
The share of those in the bottom 90% declined from 52.73% in 2013 to 49.69% in 2016.
The wealthiest 1% also now hold a greater share of the country’s wealth.
The figures indicate that the share of the wealth of the top 1% increased by over 2.3% from 2013 to 2016 with most of it, essentially, coming at the expenses of the bottom 90%.
This increase in the share of the country’s wealth held by the 1% was more than twice the total share of wealth held by the bottom 50% in 2013 (1.05%.)
The changes in the share of wealth percentages indicate that if the total U.S. wealth remained constant from 2013 to 2016 at $88.1 trillion (as it was estimated to be in the first quarter of 2016,) the wealth held by the richest 1% from 2013-2016 increased from $31.98 trillion to $34.05 trillion, or by more than $2 trillion in just three years.
Those in the top 1% are very wealthy. There are, however, big differences within their ranks. At the very top is Bill Gates whose wealth reached an estimated $90 billion during 2016, up $15 billion from the previous year. To be a part of the club of the 1%, one’s net worth in 2016 had to be nearly an estimated $10.4 million. If Gates is worth $90 billion and the “poorest” member of the top 1% is worth $10.4m, the net worth of Gates is more than 8,600 times the wealth of the bottom dweller of the top 1%.
Gates is widely regarded as one of the world’s leading philanthropist. Yet, despite his supposed generosity, he was able to add to his wealth in one year, (if the $15 billion increase is accurate,) more than 640 times the $23.4 million pay that Secretary of State Tillerson “earned” at Exxon last year
No comments:
Post a Comment