Wealth concentration in the United States has reached extremes not witnessed in 100 years.
The richest 0.00001% of Americans now own 12% of national income, triple the Gilded Age peak, reports Moneywise.
Economist Gabriel Zucman highlights that in 1910 the figure stood at just 4%, but today it has soared dramatically.
“The focus is on the really narrow, very, very top of the distribution, the top 0.0001% that’s really a tiny number of individuals. That’s about 19 households today. It was four households in 1913. But this is where a lot of the action is taking place today.”
According to Zucman, the rate of income disparity has surged in the last 50 years to favor the top 1%. The economist adds that if the 19 wealthiest individuals decided to spend all of their fortunes, they could purchase about 10% of the value of all the goods and services produced in the US in a given year.
The United States now boasts 979 billionaires with combined assets of $5.7 trillion, the highest in the world. Forbes data shows that 15 of the 20 wealthiest people on the planet live in the US.
Zucman also notes that the ultra-wealthy are not spending their wealth in a way that could benefit lower-income individuals.
“It’s just an illustration of the overwhelming economic power that the rich have and the power that they have to buy elections, to buy media, to buy influence, to buy competitors.”
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