FAT CATS GET FATTER
In 2022’s quarter one, the Federal Reserve's “Distributional Financial Accounts” show:
America’s top 1 percent held 31.8 percent of the nation’s wealth.
The nation’s bottom half held 2.8 percent.
Back in 1980 fewer than 0.005 percent of America’s adults held over 1,000 times the nation’s median household wealth.
By 2020, the ranks of that wealth cohort had quintupled.
In 1983, not a single American held a fortune that equaled 100,000 times the nation’s median household wealth.
In 2021, slightly over 50 Americans exceeded that threshold, and two Americans actually held over a million times the wealth of America’s most typical households.