Wednesday, April 21, 2021

Another report on US inequality


According to the report by financial news website Finbold as 2020 ended, the richest 10% of Americans possessed just under 70% of the nation's household wealth. 

The top 10% of rich individuals accounted for 69.2% of wealth, including real estate, bank accounts, stocks, and other assets.

Nearly half of those assets are concentrated in the wealth of the top 1%, who own a combined $38.91 trillion.

Nearly $47 trillion is owned by the remaining top 9% of rich households. 

The bottom 50% of earners, meanwhile, control a combined $2.49 trillion—or 2% of U.S. household wealth.

"The lower class mainly comprises service workers who don't have the pleasure of working from home," Finbold editor-in-chief Oliver Scott wrote. "This group comprised the massive job cuts witnessed amid the pandemic. The middle-class individuals were able to work from home while retaining their income."

The analysis shows a "staggering difference" between the wealthiest Americans and lower-income Americans which has grown in the last three decades, Scott wrote.

 Between the fourth quarter of 1990 and the fourth quarter of 2020, the collective wealth of the top 1% grew by 675%, from $5.02 trillion to nearly $39 trillion. 

Meanwhile, the wealth of the bottom 50% grew by less than $1 trillion to just $2.49 trillion over 30 years.

Analysis Shows Richest 10% Now Own Nearly 70% of All Household Wealth in US | Common Dreams News

Yet another report describing the extreme wealth inequality that exists in the USA. The ‘bottom’ 50% has only 2% of the society’s wealth so it begs the question: what percentage of the society’s wealth does the 10% and the 1%  people produce?

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