14254 members
Login

In America, The Wealthiest 1% Own 40% Of The Country’s Wealth

Matthew Woitunski/’Homeless Veteran on the streets of Boston, MA’/Flick
Wealth inequality in the United States is greater than any other country, according to a Washington Post analysis.

A study by economist Edward Woolf shows that the wealthiest 1 percent of Americans now own 40 percent of the country’s wealth. According to The Hill, that amounts to the greatest share the group has accumulated in the past 50 years.

Woolf's study also shows that the wealth gap between the 1 percent and bottom 90 percent of Americans has been widening steadily over the past few decades.

The average net worth of households in the top 1 percent is $26.4 million. The top 20 percent of households own 90 percent of the country’s wealth, and the bottom half of the top 20 percent have an average net worth of $740,800, according to Woolf.

And according to a Washington Post analysis, wealth inequality is worse in the U.S. than any other country:

[A]ccording to the Post’s analysis of data from the Organization for Economic Cooperation and Development, with the next highest being Germany, where the top 1 percent owns 25 percent of the wealth.

false